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Howard Leaman                                                     Sep 19/17


Canola has been mixed in overnight action with the nearby contracts higher
and deferred positions lower. Palm oil, European rapeseed and soy oil are
struggling this morning, but soybeans and soy meal are firmer. The Canadian
dollar is up about a fifth of a cent this morning after losing over half of
a cent yesterday. 

BULL SIDE                               BEAR SIDE
1) Harvest weather in parts of western  1) There are some harvesting delays
Canada are less than ideal, and there   in western Canada, but the crop is
are reports of frost. At this point     coming in, and farmers are selling
frost damage is expected to be limited  canola aggressively off of the
but it is psychologically supportive.   combine.
2) The Bank of Canada has indicated     2) Canola could see spillover 
that it is concerned about the recent   selling from other vegetable oils
rally in the Canadian dollar, and its   today. 
influence on exports. That weighed      3) The Canadian dollar is showing 
heavily on the dollar yesterday.        some bounce after yesterday's 
                                        weakness against the U.S. dollar.

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