Periodic Updates on the Futures Markets

March canola is up $2.50 per metric ton (mt), March soybean oil is up .07 cents per pound, European February rapeseed is up 7.25 euros per mt and February Malaysian palm oil is up 1.30%. March oats are down 1 cent per bushel. February crude oil is down $.43 per barrel and the December Canadian dollar is down .00095 at .7054. The U.S. Dollar Index is down .130 at 106.565 and the Brazilian real is up .00030 at 0.1662.

Canola continues to add to recent gains thanks to strength in European rapeseed and money-managed funds likely still covering short positions. Light resistance at $640 mt on the March contract may very well cap the rally for the time being. Thursday’s CGC weekly grain statistics report could be the deciding factor.

Weaker energy markets are having little impact with mixed currency markets doing the same.