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Howard Leaman                                                     Mch 16/18


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

BULL SIDE                               BEAR SIDE
1) Weakness in the Canadian dollar is   1) Concerns about dry conditions 
providing underlying support to         in key Argentine soy crop areas   
canola. The dollar lost about half of   are fading as talk circulates that 
a cent against the U.S. dollar on       any crop losses have already been
Thursday and is down another tenth of   priced into the market.
a cent this morning.                    2) Exporter demand for Canadian 
2) The technical bias in canola is      canola is soft, which has led to 
shifting to the upside.                 talk that ending stocks will 
3) Crusher demand for Canadian canola   increase to comfortable levels.
remains solid.                          3) Traders continue to look for a  
4) Long range forecasts are calling     large increase in Canadian canola
for a wet spring in western Canada      acreage this spring.
that could disrupt planting.

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