Periodic Updates on the Futures Markets

January canola is down $7.50 per metric ton (mt), December soybean oil is down .43 cents per pound, February European rapeseed is down 1.00 euro per mt and December Malaysian palm oil is down .10%. December oats are up 5 cents per bushel. December crude oil is down $.42 per barrel, December ULSD is up $.0207 per gallon and the December Canadian dollar is down .00145 at .71170. The December U.S. Dollar Index is up .233 at 99.940 and the December Brazilian real is down .00085 at 0.18465.

Grain and oilseed markets remain under pressure with no news surfacing yet as to what is responsible for the pullback, other than profit taking after recent rallies. Considering soybeans (being the leader) had gained $1.1725/bushel from the Oct. 14 low to Monday’s high, that may be all it is. A $.17/bushel setback shouldn’t be too concerning to the bulls.

Canola and soybean oil have given back a portion of Monday’s strong gains, which is somewhat disappointing as they just started joining in on the rally. Energy markets have turned mixed at midday, with gains in diesel futures having the potential to support the vegetable oil markets yet.

In outside markets, the U.S. dollar has tested the July high in early trade and so far, has retreated from it (just barely). That combines with a rally in the Japanese yen and treasury markets to support the theory of a profit-taking, risk-off type of day, with equities and cryptocurrencies still under pressure.

As a housekeeping note, today’s scheduled release of the Canadian International Merchandise Trade data for September has been postponed indefinitely by Statistics Canada due to their reliance on U.S. data, which is not available due to the government shutdown. As such, CIMT data will not be updated until sometime after the shutdown ends.