Plains, Prairies Quick Takes

Plains, Prairies Quick Takes

November canola is up $.40 per metric ton (mt), Dec soybean oil is up .47 cents per pound, November European rapeseed is down 5.00 euros per mt and September Malaysian palm oil is down .31%. Dec oats are up 4 3/4 cents per bushel. September crude oil is up $.48 per barrel, September ULSD is up $.0462 per gallon, and the September Canadian dollar is up .00220 at .72915. The September U.S. Dollar Index is down .481 at 98.100 and the September Brazilian real is up .00105 at 0.18150.

Row-crop markets can’t seem to stop bleeding lower as traders seem reluctant to step in front of the momentum trade. It might take the Aug. 12 USDA reports to end the obsession over who can provide a bigger private yield estimate. Until then, there seem to be few bottoming signals to turn things around.

Even canola has given up most of its early gains (again) while soybean oil remains the exception with it not far off the highs of the day. Higher energy markets and bargain hunting are surely helping there.

In outside markets, energies remain firm while the U.S. dollar extends its losses on President Trump’s imposition of another 25% tariff on imports from India due to their ongoing purchase of Russian oil, taking them to 50%. That has Treasury markets lower on inflation impact fears while the equity markets have shrugged it off, trading sharply higher on the day.