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Howard Leaman                                                     Feb 20/18


Canola has been mainly stronger in overnight action. Palm oil is on the
defensive this morning, but European rapeseed and the soy complex are all
solidly higher. The Canadian dollar is down about a fifth of a cent against
the U.S. dollar this morning, and over half of a cent from where it closed
last Friday.

BULL SIDE                               BEAR SIDE
1) Concerns about dry conditions in     1) Despite areas of concern, South 
Argentine soy crop areas continue to    American soy supply is expected to
provide underlying support to the       be ample this year. 
oilseeds.                               2) Rising cash canola prices in     
2) The Canadian dollar has fallen to    western Canada could encourage   
the $.7935 U.S. area.                   increased farmer selling.      
3) Canola could see spillover support   3) Canadian canola stocks are up  
from the soy complex today.             sharply from year ago levels.
4) The technical bias in canola is to   4) Many traders are looking for 
the upside, and the buying could build  increased Canadian canola acreage 
on itself.                              this spring.

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