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Howard Leaman                                                     Jan 29/20

HIGHER

Canola has traded above Tuesday's closing levels from the start of last
night's session. Palm oil, European rapeseed, soybeans and soy oil are all
stronger this morning, but soy meal is struggling. The Canadian dollar is
down about a tenth of a cent against the U.S. dollar. 

BULL SIDE                               BEAR SIDE
1) Canola is bouncing strongly after    1) South American crop conditions
four days of sharp losses. The bounce   are generally favourable. Record 
looks like it could go a long way.      large production is possible.     
2) Canola could see spillover buying    2) Concern that the coronavirus   
from other markets today as they also   could damage the world economy 
bounce.                                 continues to overhang the markets.
3) The Canadian dollar continues to     3) Technically, the bounce in 
weaken against the U.S. dollar, losing  canola could stall as quickly as it
another tenth of a cent.                started.

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