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Howard Leaman                                                     Jul 17/19


Canola has been mainly on the defensive from the start of overnight trade.
Palm oil, soybeans and soy meal are also lower this morning, European
rapeseed is mixed, and soy oil is firmer. The Canadian dollar is up about a
fifth of a cent against the U.S. dollar. 

BULL SIDE                               BEAR SIDE
1) North American crop conditions are   1) North American crop weather is  
improving, but there are still enough   improving as dry areas in western 
areas of concern to keep some weather   Canada receive rain and wet U.S.
premium in the markets. Hot             areas turn drier and warmer.   
temperatures in U.S. soy growing areas  2) China's boycott of Canadian    
are being watched closely.              canola continues to overhang canola
2) Key support levels on canola's       prices. 
price chart held yesterday as traders   3) Spillover selling from soy is    
appear to be reluctant to break prices  weighing heavily on canola. 
out of their consolidation pattern at   4) The longer term technical bias  
least until they have a better grip     in canola is to the downside. 
on the size of this year's crops.

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