Periodic Updates on the Futures Markets

January canola is up 19.10 per metric ton (mt), December soybean oil is up 1.59 cents per pound, European February rapeseed is up 10.00 euro per mt and January Malaysian palm oil is up 2.50%. December oats are up 8 1/4 cents per bushel. December crude oil is down .82 per barrel (bbl) and the December Canadian dollar is down .0022 at .71095. Grains and oilseeds are sharply higher at midday with vegetable oils leading the way. Another strong weekly export sales report for soybean oil helps. Bargain hunting and potentially unwinding of the long equity/short commodity spread adds further support to the latter. Equities are under pressure, led by the interest rate sensitive Nasdaq. It could be leaving a huge double-top formation (at record highs) behind. Interest rates can’t seem to pull back, leaving them slightly higher on the day along with the U.S. dollar.