Periodic Updates on the Futures Markets

OMAHA (DTN) — January Canola is down 1.80 per metric ton (mt), December Soybean Oil is up 0.89 cents per pound, European February Rapeseed is down 4.00 Euros per mt and December Malaysian Palm Oil is up 3.66% in its leadership role. December Oats are up 4 3/4 cents per bushel. December Crude Oil is up 0.95 per barrel (bbl) and the Canadian Dollar is down 0.00075 at 0.71925. Oilseeds have given up most if not all of the overnight gains as of midday, led by new life-of-contract lows in soybean meal. Soybean oil retains its relative strength, firm on the day and above recent consolidation on the chart suggesting the pullback is nothing more than trading noise. Strength in crude oil is helping but that too has diminished with the new reaction high this morning in interest rates. The U.S. 10-year rate is flirting with 4.35% on a payroll report that was more inflationary than it seemed at face value. The bond market appears to be paying greater attention to the average hourly earnings — increasing 0.4% month over month when expectations were for 0.3% — than the miss on the total jobs added for the month. The fact that hurricanes and strikes muddied the data complicates matters. Oats continue with their impressive action, following through on a break-up out of the recent consolidation on tight supplies. A weak Canadian dollar appears to be helping elevate local bids as well (pardon the pun).