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Howard Leaman                                                     Oct 18/19

LOWER

Canola has been mainly on the defensive in overnight action. Palm oil,
soybeans and soy meal are higher this morning, soy oil is mixed, and
European rapeseed is lower. The Canadian dollar is unchanged against the
U.S. dollar. 

BULL SIDE                               BEAR SIDE
1) Winter weather in western Canada     1) Canola's technical bias is      
continues to provide underlying         breaking to the downside.       
support to canola, though that factor   2) Trade tension with China,
is fading as the harvest progresses.    especially between Canada and
2) Recent Chinese buying of U.S. soy,   China, continues to overhang 
and talk of progress in U.S./Chinese    canola.      
trade talks are supporting soy, and     3) The harvest in western Canada
lending spillover support to canola.    is progressing and farmer selling
3) Canadian canola is competitive in    of canola is expected to increase.
the world market.

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