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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