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Howard Leaman                                                     Mar 27/20


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 higher this morning. European rapeseed started mixed this morning, but
is reluctantly following the other markets higher. The Canadian dollar is
down about a third of a cent against the U.S. dollar. Financial markets are
on the defensive this morning in response to increasing COVID-19 cases in
the U.S.

BULL SIDE                               BEAR SIDE
1) Dry conditions are stressing some    1) South American crop weather is 
South American soy crop areas.          still mainly favourable. The huge
Analysts are lowering their output      soy crop is coming onto the market. 
projections.                            2) Concerns that COVID-19 will hurt
2) Canola could see spillover buying    the world economy continue to weigh
from other vegetable oil markets        on many markets. 
today.                                  3) The technical bias in canola has
3) Road bans are expected to limit      shifted to the downside. 
farmer deliveries of canola in western  4) Crude oil remains on the   
Canada over the short term.             defensive.

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