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Howard Leaman                                                     Mar 31/20

HIGHER - SUBJECT TO USDA STOCKS AND ACREAGE REPORT

Canola has traded on both sides of unchanged in overnight action, with the
bias turning to the upside. Palm oil, European rapeseed, soybeans and soy
meal are lower this morning, but soy oil is marginally higher. The Canadian
dollar is down about a quarter of a cent against the U.S. dollar. Crude oil
and the financial markets are firmer this morning. The USDA will release
its quarterly stocks report and perspective plantings report today which
could cause a market reaction.

BULL SIDE                               BEAR SIDE
1) COVID-19 is hampering the movement   1) South American crop weather is 
of soy to South American ports.         still mainly favourable. The huge
2) The technical bias in canola is      soy crop is coming onto the market. 
turning to the upside.                  2) Concerns that COVID-19 will hurt
3) Road bans are expected to limit      the world economy continue to weigh
farmer deliveries of canola in western  on many markets. 
Canada over the short term.             3) Canola is approaching more      
                                        resistance on the price charts.

Today is my last day of my 40 year career in market analysis.

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