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Howard Leaman                                                     Dec 12/19


Canola has traded on both sides of unchanged in overnight action, with the
bias turning solidly to the upside. Palm and soy oils are stronger this
morning, but European rapeseed, soybeans and soy meal are on the defensive.
The Canadian dollar is virtually unchanged against the U.S. dollar. The
Governor of the Bank of Canada will comment on the outlook for the Canadian
economy in 2020 today, which could influence the Canadian dollar and
subsequently canola. 

BULL SIDE                               BEAR SIDE
1) Canola is attractively priced        1) South American crop conditions
relative to other vegetable oils.       are generally favourable. Record 
2) Though the South American soy crop   large production is possible this   
is generally enjoying favourable        year. 
conditions, there is some concern       2) Yesterday's sharp drop in canola
about dry conditions in Argentina.      supports the view that prices are 
3) Canola fell sharply yesterday, but   in a downtrend. Any bounce today is
held above support on the price charts  apt to be widely seen as a selling
and is showing some bounce today.       opportunity.

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