Periodic Updates on the Futures Markets

March canola is down $12.10 per metric ton (mt), March soybean oil is down .85 cents per pound, February European rapeseed is down 4.25 euros per mt and February Malaysian palm oil is down .98%. March oats are down 1 3/4 cents per bushel. February crude oil is down $.69 per barrel and the March Canadian dollar is down .0001 at .70505. The U.S. Dollar Index is down .139 at 106.545 and the Brazilian real is down .00030 at 0.16480.

Canola is under significant selling pressure Monday morning as global vegetable oils retreat and long soybean oil spreads against short soybean meal are unwound. Light resistance at $640/mt on the March contract did cap the rally for the time being and money managers appear to be aggressively selling the bounce.

Slight weakness in energy markets provides added pressure while a weak Canadian dollar — setting new contract lows on the session — provides little support.