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Howard Leaman                                                     Feb 14/20

     Canola was mainly on the defensive on Friday, though the deferred
positions did manage to trade on the plus side briefly. All contract months
ended lower. The weakness was attributed to spillover selling from other
vegetable oils, and profit taking ahead of the long weekend. The ICE
Futures Canada market will be closed on Monday for the Louis Riel Day
holiday, while the U.S. markets will be closed for the Presidents' Day
holiday. Growing concern about rail shipment disruptions caused by the
Wet'suwet'en protests also weighed on canola. Further, the Canadian dollar
gained about a tenth of a cent against the U.S. dollar on Friday.
     The selling in canola was curbed by a reluctancy to sell too
aggressively ahead of the long weekend. The market approached potential
support on the price charts and traders appeared to be reluctant to
penetrate those price levels. 

                                   Resistance     Support
              May Canola           474.00         467.00
              July Canola          479.40         474.20

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