Periodic Updates on the Futures Markets

January canola is up $7.30 per metric ton (mt), March soybean oil is up .65 cents per pound, European February rapeseed is up 12.50 euros per mt and January Malaysian palm oil is up 4.29%. March oats are up 7 3/4 cent per bushel. January crude oil is up $1.93 per barrel and the December Canadian dollar is down .0015 at .7108. The U.S. Dollar Index is down .073 at 106.35.

Palm oil continued to inspire strength across the oilseed complex in early trading with gains accelerating once the Nov. 11 contract high was breached. That was until a Reuters article broke suggesting the Biden administration will not finalize its clean fuel tax credit guidance prior to leaving in January. If accurate, it keeps the uncertainty over the future of the biofuel industry in play with many expecting reduced support from the incoming administration. Given anxiety over such an outcome was responsible for the recent break, the market seems to be shrugging off the news this morning and firming back up toward the high end of the day’s range. A sharply higher energy complex and a slightly lower U.S. dollar are helping.