Howard Leaman Nov 19/19
MIXED TO HIGHER
Canola has traded on both sides of unchanged in overnight action with the
bias turning to the upside. Palm oil and the soy complex are stronger this
morning, while European rapeseed is steady to higher. The Canadian dollar
is steady against the U.S. dollar. Canola remains in its consolidation
pattern on the price charts.
BULL SIDE BEAR SIDE
1) Canola is holding in a 1) Crop conditions in South
consolidation pattern on the price American soy growing areas are
charts, and traders appear to be generally favourable.
reluctant to sell aggressively. 2) CN Rail is on strike, which
2) Canadian canola usage is ahead of could curtail canola shipments to
last year's pace as it is attractively export positions.
priced relative to other oils. 3) The North American harvest is
3) Canola could see spillover buying nearing completion, removing
from other vegetable oils today. reports of harvest delays as a
4) The Australian Oilseed Federation supportive factor.
pegged the Australian canola crop at 4) Canadian/Chinese tension
1.9 million tonnes versus the official continues to overhang canola
ABARES estimate of 2.4 million tones. exports.
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