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Howard Leaman                                                     Dec 15/17


Canola has traded on both sides of unchanged in overnight action, with the
bias turning to the upside. Palm oil, European rapeseed and the soy complex
are all stronger this morning. The Canadian dollar is up about three tenths
of a cent against the U.S. dollar. Canola looks due for a technical bounce
today, but it may not go far given the recent strength in the Canadian
dollar and expectations of a build up in Canadian canola stocks.

BULL SIDE                               BEAR SIDE
1) There continues to be some concern   1) Though there are areas of 
around dry conditions in key Argentine  concern, South American crop 
soy growing areas. There are forecasts  conditions are generally 
calling for rain, but not enough to     favourable.           
completely ease the weather concerns.   2) The Canadian dollar has soared
2) Technically, the selling in canola   above $.78 U.S. this week, and is 
leaves the market looking oversold,     threatening to go higher.
and due for a bounce.                   3) The technical bias in canola is 
3) Canola could see spillover buying    to the downside. Any bounce is 
from other vegetable oil markets.       apparently widely seen as a selling

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