Periodic Updates on the Futures Markets

November canola is down $3.40 per metric ton (mt), Dec soybean oil is down .11 cents per pound, November European rapeseed is down 3.75 euros per mt and November Malaysian palm oil is down .09%. Dec oats are down 1/4 cent per bushel. November crude oil is up $.51 per barrel, November ULSD is down $.0011 per gallon, and the December Canadian dollar is up .00065 at .71930. The December U.S. Dollar Index is down .190 at 97.350 and the October Brazilian real is down .00020 at 0.18570.

Soybeans continue to do the heavy lifting with overnight losses overcome and gains being seen at midsession. Soybean meal appears to be benefitting from (likely) short covering to start the month with soybean oil and canola the laggards so far. The unwind of the long soybean oil, short soybean meal spread is likely contributing to the changes at midday. Energy markets are mixed but continued weakness in diesel futures is of little help to vegetable oil markets. As the Canadian canola harvest nears completion, farmer deliveries have grown with selling pressure from there likely weighing on values as well. Meanwhile, corn is on the verge of turning higher on the day with wheat holding modest gains. With the government shutdown, there will be no Commitments of Traders data released this afternoon.

Outside markets have changed little throughout the morning amid the data void with treasuries remaining quietly lower, equities continuing to push into record high territory and the U.S. dollar remaining under pressure.