Hart Acre Grains

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Plains, Prairies Quick Takes

2/10 10:54 AM

March canola is down $1.70 per metric ton (mt), March soybean oil is up 0.03 cents/pound, May European rapeseed is down 1.25 euro per mt and April Malaysian palm oil is up 0.07%. March oats are up 6 1/4 cents/bushel. March crude oil is down $0.31 per barrel, March ULSD is down $0.0272 per gallon, and the March Canadian dollar is up 0.00145 at 0.74005. The March US dollar index is down 0.043 at 96.645 and the March Brazilian real is down 0.00025 at 0.19160.

Grain and oilseed markets have firmed ahead of the World Agricultural Supply and Demand Estimates (WASDE) report due out at 11 a.m. CST. Soybeans are leading the way on reports that heavy rains recently in central Brazil have not only resulted in harvest delays, but the resulting onset of mold has caused quality concerns. Given the USDA raised Brazil's soybean production estimate more than expected in January and considering its normal conservative approach, the market may get a slightly bullish surprise by the production estimate being left unchanged this month.

Soybean oil has recovered from early losses with the high of the day only 0.02 cents/pound off life-of-contract highs. Canola has been trying to join it but has still not been able to score gains on the day with a stronger Canadian dollar possibly to blame. Energy markets have been softening as the morning has progressed amid a lack of news out of talks with Iran, with that not helping either.

Corn is quietly higher with wheat markets mixed ahead of the data release.

In outside markets, treasuries rallied on weaker-than-expected December retail sales data, suggesting less reason to push back against lowering interest rates to help the labor market. The resulting decline in interest rates has helped equities rally and pressured the U.S. dollar further. All of that said, the moves are relatively subdued as traders prepare for the January non-farm payroll report set to be released Wednesday morning at 7:30 a.m. CST (delayed from Feb. 6 due to the partial government shutdown).