Periodic Updates on the Futures Markets

January canola is up $3.30 per metric ton (mt), March canola is up $3.10 per metric ton (mt), March soybean oil is down .21 cents/pound, February European rapeseed is down 4.75 euro per mt and January Malaysian palm oil is down .12%. March oats are down 2 1/2 cents/bushel. January crude oil is down $.63 per barrel, January ULSD is down $.0368 per gallon, and the December Canadian dollar is up .00080 at .72315. The December U.S. Dollar Index is up .079 at 99.140 and the December Brazilian real is down .00030 at 0.18320.

Grain and oilseed markets had mounted a bit of a bounce going into the WASDE update but seemed to have lost interest in bargain hunting going into the last hour before the report. With corn ending stocks expected to increase slightly (up 12 million bushels) and soybean stocks expected to do the same (up 19 million bushels), a relief rally could be the result if estimates are left unchanged. With no production changes traditionally being made in December and very few adjustments being normal, that could easily be the outcome. Wheat ending stocks are expected to fall slightly (down 8 million bushels) so the opposite could occur there.

In outside markets, treasuries are still mixed while equities managed to turn higher while waiting for Wednesday’s interest rate decision and press conference to follow from the Federal Reserve. Energy markets are now lower after President Trump pushed Ukraine to accept the peace deal, dismissing the territorial dispute portion. Meanwhile, currency markets are mixed amid a lack of conviction with the U.S. dollar remaining quietly higher.