Periodic Updates on the Futures Markets

November canola is down $8.60 per metric ton (mt), Dec soybean oil is down .08 cents per pound, November European rapeseed is down 2.75 euros per mt and October Malaysian palm oil is closed for holidays. Dec oats are down 1/2 cent per bushel. October crude oil is up $.41 per barrel, October ULSD is up $.0408 per gallon, and the September Canadian dollar is up .00225 at .72495. The September U.S. Dollar Index is down .171 at 97.365 and the September Brazilian real is up .00150 at 0.18760.

Canola and corn have weakened as midsession approached despite strong export inspections for corn, soybeans and wheat (with all three coming in above expectations), a flash sale announcement of 148,971 mt of corn sold to unknown destinations for 2025-26, positive trade talks in Spain between the U.S. and China, strength remaining in energy markets and a weakening U.S. dollar. Good harvest weather for most areas from Regina to the Rockies is likely offsetting the heavy rains seen east of that line lately, keeping canola on the defensive. Even soybean oil and soybeans have given up early gains as the residual buying interest from Friday’s WASDE update seems to have run its course.

Energy markets remain higher on news of additional drone attacks on Russian oil infrastructure over the weekend and increasing pressure to try to limit Russian oil exports. With Russia exporting nearly 7 million barrels per day, the risks to that supply should provide underlying support for the foreseeable future.

In outside markets, Treasuries are higher ahead of the FOMC interest rate decision to be announced Wednesday with the resulting lower interest rates helping equity markets rally and pressuring the U.S. dollar.