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Howard Leaman                                                     Apr 18/19


Canola has been steady to higher in overnight action. Palm oil and European
rapeseed are lower this morning, but the soy complex is firmer. The
Canadian dollar is down about a fifth of a cent against the U.S. dollar.
Trading is apt to be choppy today ahead of the long weekend and next
Wednesday's Stats Can planting intentions report.  

BULL SIDE                               BEAR SIDE
1) Traders are turning their attention  1) Political tension between China 
to the prospects for the 2019 growing   and Canada continues to threaten
season in the northern hemisphere.      Canadian canola sales to that 
Most traders are looking for reduced    country. 
Canadian canola acreage.                2) Wet conditions in key U.S. crop
2) Farmers' canola sales have been      areas could lead to acreage 
limited partly in response to spring    intended for corn being shifted to 
road bans in western Canada.            soybeans. 
3) Canola is apt to show some bounce    3) The huge South American soy crop
today as traders are likely reluctant   is providing strong competition for
to push prices too low too early in     other vegetable oils. 
the growing season.

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