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Howard Leaman                                                     Oct 22/19


Canola has been mainly on the defensive in overnight action. Palm oil and 
the soy complex are higher this morning, while European rapeseed is mixed.
The Canadian dollar is up about three one-hundreds of a cent against the 
U.S. dollar. 

BULL SIDE                               BEAR SIDE
1) Winter weather in western Canada     1) Canola's technical bias is to   
continues to provide underlying         the downside.       
support to canola, though that factor   2) Trade tension with China,
is fading as the harvest progresses.    especially between Canada and
2) Canola could see spillover support   China, continues to overhang 
from the soy complex today.             canola.      
3) Canadian canola is competitively     3) The harvest in western Canada
priced relative to other vegetable      is progressing and farmer selling
oils.                                   of canola is expected to increase.
4) Reduced Australian canola output     4) The Canadian dollar continues 
raises the possibility of increased     to rally against the U.S. dollar. 
Chinese buying of Canadian canola.

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