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Howard Leaman                                                     Jun 18/19


Canola has traded on both sides of unchanged in overnight action, with the
bias turning to the downside. Palm oil and soy oil are higher this morning,
but European rapeseed, soybeans and soy meal are lower. The Canadian dollar
is down about a tenth of a cent against the U.S. dollar. 

BULL SIDE                               BEAR SIDE
1) Traders are becoming increasingly    1) Forecasts are calling for 
nervous about planting delaying wet     rainfall in dry areas of western 
weather in key U.S. crop areas.         Canada. Not everyone agrees, but 
Forecasts are calling for more rain,    timely rains this summer could 
and talk is increasing that a           still produce a decent crop.      
significant number of acres of soy      2) China's boycott of Canadian  
will not be planted.                    canola continues to overhang the
2) Yesterday's strong action shifts     market as stocks of Canadian     
canola's short term technical bias to   canola are expected to remain huge.
the upside.                             3) World soy stocks are expected to
3) The Canadian dollar is on the        remain large even if U.S. output is
defensive against the U.S. dollar this  reduced this year.

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