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Howard Leaman                                                     Jan 23/20


Canola has been on the defensive from the start of overnight trading. Palm
oil, European rapeseed, soybeans and soy oil are all lower this morning,
but soy meal is mixed. The Canadian dollar is following through on
yesterday's weakness, dropping another fifteen one-hundreds of a cent
against the U.S. dollar. The Canadian dollar has dropped below $0.76.

BULL SIDE                               BEAR SIDE
1) Though South American crop           1) South American crop conditions
conditions are generally favourable,    are generally favourable as the
traders are watching dry conditions in  Brazilian soy harvest starts to   
some areas, while excess rain in other  pickup. Record large production is
areas may delay the early soy harvest.  possible. 
2) The Canadian dollar has dropped      2 This week's Meng Wanzhou
below $.76 U.S. in response to the      extradition hearing will highlight
Bank of Canada's comments about         the strained Chinese/Canadian
Canada's weakening economy.             relations that have been weighing 
3) Canola is approaching key support    on the canola market. 
on the price charts and could show      3) Canola could see spillover 
some bounce later today.                selling from other markets today.

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