Periodic Updates on the Futures Markets

March canola is up $11.20 per metric ton (mt), March soybean oil is up 0.12 cents per pound, February European rapeseed is up 2.50 euros per mt and February Malaysian Palm Oil is down 1%. March oats are down 1/4 cents per bushel. February crude oil is down $.62 per barrel and the March Canadian dollar is up 0.00315 at 0.69900. The U.S. dollar index is up 0.286 at 108.035 and the Brazilian real is up 0.00225 at 0.16300.

Canola is leading the gains in oilseed markets with a key reversal higher for the day still in play. The open was below Wednesday’s low with prices currently trading above Wednesday’s high. Should canola maintain strength into the close, it would be a technical sign suggesting short covering would be wise. Exceptional demand and a (recently) weak Canadian dollar may finally come into focus.

Another round of central bank intervention appears to be helping the Brazilian real reverse from record lows, relieving pressure on soybeans while the surge higher in the US dollar is weighing on wheat markets.