Periodic Updates on the Futures Markets

January canola is down 4.70 per metric ton (mt), December soybean oil is down 0.32 cents per pound, European February rapeseed is up 3.25 euros per mt and January Malaysian Palm Oil is down 3.18%. December oats are up 10 3/4 cents per bushel. December crude oil is up 2.04 per barrel (bbl) and the December Canadian dollar is up .0024 at .71265.

The Biden administration’s decision to allow Ukraine to use U.S.-supplied long-range weapons against Russia is turning into the greatest influence of the morning for commodity markets. Wheat and corn are seeing support along with energies and metals.

The crude oil rally has yet to flow through to the oilseed complex thanks in part due to overnight weakness in palm oil. Export sales flashes also failed to provide much support in the short term but should eventually. Of note, India purchased another 30,000 metric ton or 66 million pounds of soybean oil. That takes total commitments (outstanding sales and exports) to 616 million pounds compared to USDA’s current annual projection of 600 million pounds — at six weeks into the marketing year. Canola has softened along with the rest of the vegetable oil complex as the Canadian dollar has firmed.