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Howard Leaman                                                     Jan 22/20


Canola has traded on both sides of unchanged in overnight action with the
bias turning to the upside. Palm oil, European rapeseed, soybeans and soy
oil are all higher this morning, while soy meal is lower. The Canadian
dollar is up about five one-hundreds of a cent against the U.S. dollar. The
Bank of Canada will make an announcement on interest rates today which
could influence the Canadian dollar and subsequently canola.

BULL SIDE                               BEAR SIDE
1) Though South American crop           1) South American crop conditions
conditions are generally favourable,    are generally favourable as the
traders are watching dry conditions in  Brazilian soy harvest starts to   
some areas, while excess rain in other  pickup. Record large production is
areas may delay the early soy harvest.  possible. 
2) Canola could see spillover buying    2 This week's Meng Wanzhou
from other vegetable oils today.        extradition hearing will highlight
3) Canola is retracing yesterday's      the strained Chinese/Canadian
losses, keeping the market in its       relations that have been weighing 
consolidation pattern.                  on the canola market.

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