Periodic Updates on the Futures Markets

January canola is down 9.70 per metric ton (mt), December soybean oil is down 0.26 cents per pound, European February rapeseed is up 1.50 euros per mt and January Malaysian palm oil is up 1.01%. December oats are down 2 1/4 cents per bushel. December crude oil is down .02 per barrel (bbl) and the December Canadian dollar is up another .0023 at .7163.

The Russian defense ministry confirmed Ukraine had fired six U.S.-origin long-range missiles into Russia’s Bryansk region overnight. No indication of any repercussions let markets back off from initial reactions. Corn and wheat are firmer but off their highs. Treasuries and the U.S. dollar are both holding on to gains, but barely. Crude has firmed back up, trading on both sides of unchanged while the S&P and Nasdaq shrugged it off and are now higher.

Canola has softened further at midday with soybean oil weakness offsetting gains in palm oil and European rapeseed. A hotter-than-expected Canadian CPI print Tuesday morning has the Canadian dollar higher for a second day, pressuring canola. With an annual rate of 2% for October compared to 1.6% in September and expectations of 1.9%, it diminished expectations of another half-point rate cut when the Bank of Canada next meets (Dec. 11) and supported the currency.