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Howard Leaman                                                     Feb 14/20


Canola has been on the defensive from the start of last night's trading
session, but the losses have been small and prices could bounce back ahead
of the long weekend. The ICE Futures Canada markets will be closed on
Monday for the Louis Riel Day holiday. Palm oil, European rapeseed and soy
oil are firmer this morning, but soybeans and soy meal are lower. The
Canadian dollar is up about fifteen one-hundreds of a cent against the U.S.

BULL SIDE                               BEAR SIDE
1) Though South American soy crop       1) South American crop conditions
areas are generally enjoying            are generally favourable. Record 
favourable weather, there are areas of  large production is expected.     
concern.                                2) The Wet'suwet'en protest is 
2) Canola could see spillover buying    disrupting canola movement to the
from other vegetable oil markets        west coast which could hurt export
today.                                  sales. 
3) Canola's technical bias is           3) Concerns that the coronavirsus  
threatening to turn to the upside.      will hurt the world economy 
                                        continue to weigh on many markets.

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