Howard Leaman Feb 14/20
MIXED TO LOWER
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
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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