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Howard Leaman                                                     Dec 13/18


Canola has been mainly on the defensive in overnight action. Palm oil and
soy meal are stronger this morning, soybeans and soy oil are lower, and
European rapeseed is mixed. The Canadian dollar is down about four one-
hundreds of a cent against the U.S. dollar. 

BULL SIDE                               BEAR SIDE
1) There is considerable uncertainty    1) Though some traders remain 
surrounding just how much U.S. soy      optimistic that China will buy U.S.
China will buy this year, but the       soy soon, trade tension between the
potential for large purchases is        two countries continues to overhang
supporting the vegetable oil markets.   the vegetable oil markets.    
2) Canola crush margins have improved   2) The South American soy crop is
and traders are optimistic that         enjoying favourable conditions, and
commercial demand increase.             huge production is expected to come
3) Traders are apt to keep some         onto the market sooner than normal
weather premium in the market until     this year.
the South American soy crop is closer   3) The technical bias in canola is 
to being made.                          turning to the downside.

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