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Howard Leaman                                                     Feb 15/19

MIXED

Canola has traded on both sides of unchanged in overnight action. Palm and
soy oils are weaker this morning, but European rapeseed, soybeans and soy
meal are stronger. The Canadian dollar is up about a tenth of a cent
against the U.S. dollar. Trading could be choppy today ahead of the long
weekend. Both Canadian and U.S. markets will be closed on Monday.

BULL SIDE                               BEAR SIDE
1) Reports continue to come out of      1) The South American soy harvest 
South America of weather-reduced soy    is progressing quickly, and the 
production, though the weather is       large crop is coming onto the 
improving.                              market. 
2) Key support on the canola price      2) Political tension between China
chart was penetrated yesterday, but     and Canada has apparently stopped 
not completely violated. Follow         China from buying Canadian canola.  
through selling has been limited, and   3) If follow through selling does 
the market could return to its          develop in canola, it could build  
consolidation pattern ahead of the      on itself. The chart does look 
long weekend.                           bearish.

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