Howard Leaman Mch 22/19 LOWER Canola has been on the defensive from the start of overnight action. Palm oil, soybeans and soy oil are also weaker this morning, European rapeseed is mixed and soy meal is higher. The Canadian dollar is down about five one-hundreds of a cent against the U.S. dollar. BULL SIDE BEAR SIDE 1) Commercial buying of canola has 1) Wet weather in the U.S. could improved in response to canola's delay field work and shift acreage improved competitiveness with other intended for corn into soy. vegetable oils. 2) The more recent independent 2) Spring road bans in western Canada strength in canola has curtailed could limit deliveries of canola. its price advantage. 3) Canola posted a bullish technical 3) Ample supply of palm and soy move on Thursday, though it has been oils is keeping a lid on canola. unable to follow through on it in 4) There continues to be concern overnight action. Nonetheless, that political tension between Thursday's action does serve as a China and Canada will curtail reminder of how quickly the market can Chinese buying of Canadian canola. bounce. 5) Canola has retraced all of Thursday's gains.