Howard Leaman Aug 19/19
MIXED TO LOWER
Canola has traded on both sides of unchanged in overnight action with the
bias turning to the downside. Palm oil, European rapeseed and the soy
complex are all lower this morning. The Canadian dollar is up about five
one-hundreds of a cent against the U.S. dollar.
BULL SIDE BEAR SIDE
1) Canola is competitively priced in 1) Trade tension between China on
the oilseed market. the one hand, and Canada and the
2) There are still enough areas of U.S. on the other, continues to
concern to keep some weather premium weigh on the oilseed markets.
in the markets. Forecasts calling for 2) North American crop conditions
below normal temperatures in some crop are generally favourable. Though
areas has led to talk of potential there is some talk of the risk of
frost damage due to the late frost damage to late developing
development of the crop. canola, it is mainly just talk.
3) Canola is locked in a consolidation 3) The Canadian dollar is bouncing
pattern on the price charts and higher against the U.S. dollar.
traders appear reluctant to sell too 4) Canola could see spillover
aggressively. selling from other markets today.
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