Periodic Updates on the Futures Markets

January canola is up 1.70 per metric ton (mt), December soybean oil is down .04 cents per pound, European February rapeseed is up 3.25 euros per mt and January Malaysian palm oil is up 3.01%. December oats are down 18 1/2 cents per bushel. December crude oil is down 2.14 per barrel (bbl) and the December Canadian Dollar is down .0022 at .72005.

Vegetable oil markets are holding up very well going into the WASDE report with global demand outweighing any concern over what should be a benign report, weaker crude oil markets and being slightly overdone following the recent rally. Canola has broken over the consolidation high of $660/mt ahead of the report.

In outside markets, the U.S. 10-year has pulled back further in the aftermath of an as-expected FOMC rate announcement, at 4.30% currently. The U.S. dollar is firmer, working against export product values while equites remain mixed. Oats are off ahead of the report in what appears to be continued long liquidation following Monday’s reversal from life-of-contract highs near $4.10 per bushel.