Periodic Updates on the Futures Markets

March canola is down $3.10 per metric ton (mt), March soybean oil is down .30 cents per pound, February European rapeseed is up 8.75 euros per mt and February Malaysian palm oil is down .30%. March oats are up 3 1/2 cents per bushel. February crude oil is up $.92 per barrel and the December Canadian dollar is down .0012 at .70275. The U.S. Dollar Index is down .029 at 106.930 and the Brazilian real is down .00080 at 0.16475.

Canola turned lower as weakness has spread across ag markets in general ahead of the weekend. Light resistance at $640 mt on the March contract did cap the rally for the time being while strength in European rapeseed should provide underlying support. A decent rally in energy markets and new contract lows for the Canadian dollar (with no friends in sight) are supporting prices as well.