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Howard Leaman                                                     Sep 19/19

MIXED TO LOWER

Canola has been on the defensive from the start of last night's session, 
but the losses have been relatively small. Palm oil, European rapeseed, and
the soy complex are all steady to lower this morning. The Canadian dollar 
is virtually unchanged against the U.S. dollar. 

BULL SIDE                               BEAR SIDE
1) This year's late development of      1) Trade tension between China on  
both the Canadian and U.S. crops has    the one hand, and Canada and the
kept some weather premium in the        U.S. on the other, continues to
markets. Though there has not been any  weigh on the oilseed markets.
significant frost damage yet, the       2) Harvest pressure is apt to keep 
potential for damage is being watched   a lid on prices over the short 
closely.                                term. Farmers have large supplies
2) South American soy crop areas need   of canola that they will have to    
rain heading into the planting season.  move in order to find space for 
3) There is talk that China will buy    this year's crop. 
more U.S. soy.                          3) Canola's rally has stalled   
4) Canola is attractively priced        near key resistance on the price
relative to other vegetable oils.       chart.

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