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Howard Leaman                                                     Jun 20/18


Canola has traded quietly on both sides of unchanged in overnight action.
Palm oil, European rapeseed, and the soy complex are all firmer this
morning as the markets retrace some of yesterday's losses. The Canadian
dollar is continuing to fall against the U.S. dollar, down another tenth of
a cent this morning.                                   

BULL SIDE                               BEAR SIDE
1) The Canadian dollar is on the        1) North American crop conditions 
defensive against the U.S. dollar as    are generally favourable. In 
currency traders head to the safety of  particular, the U.S. soy crop is  
the U.S. dollar.                        off to a good start.    
2) U.S./Chinese trade tension is        2) Canola is facing spillover 
fueling talk that Chinese demand for    selling from soy as trade tension 
vegetable oils will shift from the      between the U.S. and China weigh on
U.S. to other sources, including        prices despite today's small bounce
canola.                                 in the soy complex.      
3) There is enough areas of concern to  3) There continues to be talk that
keep some weather premium in the        canola is over priced relative to
market.                                 other vegetable oils.

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