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Howard Leaman                                                     Jul 18/19

     Canola traded on both sides of unchanged again on Thursday, ending
mixed. The market remains in a consolidation pattern as traders wait for
new developments to give prices direction. North American crop weather
continues to improve overall, but there are still areas of concern. The
late start to the growing season in both Canada and the U.S. has led to
widespread expectations that Canadian canola and U.S. soy production will
be down significantly this year, but it is too early to say by how much. 
     Canola saw weakness early on Thursday due to spillover selling from
the soy complex and European rapeseed, and continued concerns about China's
reluctancy to buy Canadian canola. The selling was curbed by weakness in
the Canadian dollar, however, and canola bounced off support to move into
positive territory. The November contract did dip below support at $442.00,
but did not follow through on the downside. The Canadian dollar lost about
a quarter of a cent against the U.S. dollar at one point before retracing
some of the losses.  

                                   Resistance     Support
               Nov Canola          451.60         441.60
               Jan Canola          458.30         449.20

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