Periodic Updates on the Futures Markets

March canola is down $7.20 per metric ton (mt), March soybean oil is down 1.39 cents per pound, February European rapeseed is down 4.25 euros per mt and February Malaysian palm oil is down 1.55%. March oats are down 5 cents per bushel. February crude oil is down $1.16 per barrel and the March Canadian dollar is down .00405 at .70085. The U.S. Dollar Index is up .024 at 106.580 and the Brazilian real is down .00085 at 0.16340.

Oilseeds are under heavy selling pressure Tuesday morning with long-term support at contract lows in soybeans finally failing. Interestingly enough, soybean meal is the strong component, higher on the day as liquidation of the long soybean oil — short soybean meal spread is evident. Vegetable oils are also being hit by weakness in crude oil and a firmer U.S. dollar. The weak Brazilian real adds pressure to soybeans while a weak Canadian dollar provides little support for canola. The close will be important as an indication of seller exhaustion or an acceleration lower for prices.