Periodic Updates on the Futures Markets

January canola is down $6.80 per metric ton (mt), March canola is down $10.10 per metric ton (mt), March soybean oil is down .29 cents/pound, February European rapeseed is down 4.50 euro per mt and February Malaysian palm oil is down .72%. March oats are down 4 cents/bushel. February crude oil is up $.08 per barrel, February ULSD is up $.0219 per gallon, and the March Canadian dollar is up .00180 at .732.5. The March U.S. Dollar Index is down .209 at 97.745 and the January Brazilian real is up .00145 at 0.18030.

Grain and oilseed markets are struggling to stay higher as midday nears with canola leading the weakness seen in vegetable oil markets. That is likely due to canola getting ahead of itself with Monday’s strong gains outpacing its Chicago counterparts. Energy markets shouldn’t be a factor given current advances are similar to those seen overnight.

There were no flash sales reported this morning but the delayed U.S. weekly export sales report for the week ending Dec. 11 was strong again with 1.744 million metric tons (mmt) of corn sales and a marketing year high 2.396 mmt of soybean sales reported.

In outside markets, not much has changed since the opening comments with treasuries mixed while equities continue to trade higher. A much stronger-than-expected GDP report this morning did result in a short-term spike in interest rates leaving the U.S. 10-year temporarily hitting 4.20% again with it settling back to 4.17% since. Even with the higher interest rates, the U.S. dollar remains near its low of the day.