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Howard Leaman                                                     Dec 10/19


Canola has traded above Monday's closing levels from the start of last
night's session. Palm oil, European rapeseed, soy oil and soy meal are all
lower, while soybeans are mixed. The Canadian dollar is steady against the
U.S. dollar. 

BULL SIDE                               BEAR SIDE
1) The Canadian dollar is holding last  1) South American crop conditions
Friday's sharp loss against the U.S.    are generally favourable. Record 
dollar.                                 soy output is a possibility.
2) Though the South American soy crop   2) Other vegetable oil markets are  
is generally enjoying favourable        seeing profit taking today that 
conditions, there is some concern       could cause spillover selling to   
about dry conditions in Argentina.      canola. 
3) Canola is competitively priced       3) Trade tension with China 
relative to other vegetable oils.       continues to overhang canola.

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