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Howard Leaman                                                     Mch 23/18


Canola has traded on both sides of unchanged in overnight action, with the
bias turning to the downside. Palm oil, European rapeseed, and the soy
complex are all on the defensive this morning. The Canadian dollar is up
about a tenth of a cent against the U.S. dollar. Stats Can will release its
latest CPI estimate today which could influence the Canadian dollar and
subsequently canola.

BULL SIDE                               BEAR SIDE
1) Traders are apt to be reluctant to   1) Canola could see spillover    
sell canola too aggressively ahead of   selling from other vegetable oil  
the weekend and next week's USDA        markets today. 
stocks and planting intentions          2) Canola is threatening to 
reports.                                penetrate key support on the price
2) Many commodity markets are stronger  charts, which could encourage  
this morning, which could lend          technical selling.
spillover support to canola.            3) The bias in canola against the 
3) Long range forecasts are calling     U.S. dollar has shifted to the 
for a wet spring in western Canada      upside. 
that could disrupt planting.            4) Many traders are looking for   
                                        increased North American oilseed
                                        acreage in 2018.

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