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Howard Leaman                                                     Aug 17/18

MIXED TO LOWER

Canola has traded on both sides of unchanged in overnight action, with the
bias slipping to the minus side. Palm and soy oils are stronger this
morning, European rapeseed and soybeans are weaker and soy meal is mixed.
The Canadian dollar is up about four one-hundreds of a cent against the
U.S. dollar.  

BULL SIDE                               BEAR SIDE
1) Traders remain concerned that less   1) Forecasts are calling for ideal
than favourable weather in parts of     weather for U.S. soy in the crop's 
western Canada has curtailed canola     final development stage. The stage
production.                             is set for large production.      
2) China and the U.S. are expected to   2) There continues to be talk that
meet later this month to discuss trade  canola is expensive relative to
disputes. That is supporting soy, and   soy. 
lending spillover buying to canola.     3) Canola is approaching key      
3) The technical bias in canola is      resistance on the price charts, and
turning to the upside, and the buying   traders are apt to be reluctant to
could build on itself.                  buy aggressively ahead of the 
                                        weekend.

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