Howard Leaman                                                     Aug 22/19

MIXED TO HIGHER

Canola has traded on both sides of unchanged in overnight action, with the
bias turning to the upside. Palm oil, European rapeseed and the soy complex
are all higher this morning. The Canadian dollar is up slightly against the
U.S. dollar. 

BULL SIDE                               BEAR SIDE
1) Canola is threatening to break out   1) Trade tension between China on  
of its consolidation pattern on the     the one hand, and Canada and the
upside.                                 U.S. on the other, continues to
2) There are still enough areas of      weigh on the oilseed markets. The 
concern to keep some weather premium    Hong Kong situation is adding to 
in the markets. The late development    the concerns.
of this year's crops has raised         2) North American crop conditions 
concerns about the potential for frost  are generally favourable. Though
damage.                                 there is some talk of the risk of 
3) Canola could see spillover buying    frost damage to late developing
from other vegetable oils today.        canola, it is mainly just talk.