Periodic Updates on the Futures Markets

November canola is up $4.70 per metric ton (mt), Dec soybean oil is up .01 cents per pound, November European rapeseed is up 2.50 euros per mt and November Malaysian palm oil is up .23%. Dec oats are up 1/4 cent per bushel. November crude oil is up $1.35 per barrel, November ULSD is up $.0476 per gallon, and the December Canadian dollar is down .00080 at .72560. The December U.S. Dollar Index is up .040 at 97.015 and the October Brazilian real is up .00160 at 0.18860.

Grain and oilseed markets have recovered from overnight losses with bargain hunting the most reasonable explanation following the recent selling pressure. A very well-respected crop consultant dropping his corn yield estimate to 182 bpa with a neutral-to-lower bias thanks to disappointing early yield reports could be behind the strength in corn, with that potentially attracting buying interest across the board. Another flash corn sale (of 122,947 mt) announced this morning keeps strong global demand in focus as well. Sharply higher energy prices may be helping as a second NATO country has threatened to shoot down Russian planes if warnings are ignored. Gold marking another new record high (up 42% in 2025) is starting to make all commodities look undervalued (to outside investors) compared to every other asset class. Something farmers know far too well.

China reportedly purchased between 10 and 15 cargoes of soybeans from Argentina Monday thanks to the temporary elimination of export taxes with the local crushing industry already up in arms over it. With Argentina exporting a third of the world’s supply of soybean meal and almost half of the soybean oil — in an example of unintended consequences — the move could support soybean oil and meal values eventually should too many sales take place. That said, the entire development seems to be a non-factor for the market at midsession.

Outside markets remain calm throughout the various developments with Treasuries and equities mixed, energy markets very strong on further Ukraine attacks on Russian oil infrastructure and increased tensions with NATO, and the U.S. dollar remaining quietly higher.