Periodic Updates on the Futures Markets

January canola is up $4.90 per metric ton (mt), Dec soybean oil is up .45 cents per pound, February European rapeseed is up 1.75 euros per mt and December Malaysian palm oil is down .73%. Dec oats are down 2 1/2 cents per bushel. December crude oil is up $.24 per barrel, December ULSD is up $.0491 per gallon, and the December Canadian dollar is up .00005 at .71605. The December U.S. Dollar Index is down .082 at 98.665 and the November Brazilian real is up .00035 at 0.18560.

Grain and oilseed markets remain very strong thanks to trade progress made over the weekend. The January soybean contract took out its June high while setting a new 12-month high reading. When combined with the gap up from Sunday evening being left behind, it looks like a breakout from the saucer bottom that’s been over a year in the making is occurring. That may attract additional technically based buying and support other ag markets.

Corn and wheat are maintaining their strong gains with the gaps higher in wheat markets Sunday evening being potential breakaway gaps. Short-covering by funds would be the most likely driving force there.

Cattle markets are sharply lower amid expanded limits as traders await word on the potential re-opening of the Mexican border.

Outside markets are little changed from overnight moves with Treasuries quietly lower, equities setting new record highs, the U.S. dollar remaining slightly lower, and energy markets all slightly higher now with diesel futures still leading the gains. Gold and silver’s losses have accelerated amid the increasingly cooperative trade environment.