Howard Leaman Apr 20/18 LOWER Canola has been on the defensive from the start of last night's session. Palm oil is higher this morning, European rapeseed is steady to lower, soy oil is narrowly mixed, soybeans and soy meal are lower. The Canadian dollar is virtually unchanged against the U.S. dollar. BULL SIDE BEAR SIDE 1) Canola rallied sharply yesterday 1) Canola's rally yesterday, despite weakness in other markets as especially compared to other short sellers bought back some of markets, looks overdone, and their positions. That shifts the traders are realigning prices today. technical bias to the upside. Any 2) Despite concerns about the weakness is apt to be seen as a buying possibility of delayed spring opportunity. planting, many traders are still 2) The looming CP Rail strike, and looking for record large Canadian spring road bans are limiting canola acreage and large U.S. soy available canola supply. acreage this year. 3) Traders remain concerned that 3) Canola is expensive relative to unfavourable weather in western Canada soy. will limit canola acreage.