Periodic Updates on the Futures Markets

January canola is down 7.20 per metric ton (mt), December soybean oil is 1.26 cents per pound, European February rapeseed is down 2.00 euros mt and December Malaysian palm oil is now .88% lower. December oats are up 4 3/4 cents per bushel. December crude oil is up 1.70 per barrel and the Canadian dollar is actually up .00295 at .72065.

Vegetable oil markets have given up overnight gains as of midday with unwinding of the short soybean meal/long soybean oil spread. Soybean meal leads soybeans higher with the December meal futures up by $6.60 per ton, bouncing from new life-of-contract lows made Friday. Even palm oil is taking a breather, now lower on the day. Canola has followed suit with the bottom of the recent $640 to $660 mt range being violated by midday.

The close will be important in determining if a further correction could be expected. Strength in crude oil is helping with OPEC+ delaying increased production plans and darker rhetoric coming out of Iran. The U.S. 10-year rate along with the equity markets stabilizing ahead of the election and Thursday’s Fed announcement also help. Oats continue with their impressive action with life-of-contract highs just a stone’s throw away.