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Plains, Prairies Quick Takes
Mitch Miller 11/06 10:55 AM

January canola is down $1.70/mt, December soybean oil is down .25 cents/pound, February European rapeseed is down 2.75 euros/mt and January Malaysian palm oil is down 2.72%. December oats are up 1 3/4 cents/bushel while March European corn is down 1.25 euros/mt. December crude oil is down $.19/barrel, December ULSD is down $.0411/gallon, and the December Canadian dollar is down .00545 at .71015. The December U.S. Dollar Index is up .619 at 102.045, and the December Brazilian real is up .00005 at 0.18120.

Grain and oilseed markets continue to try to find a bottom following an ugly nine-week selloff that has left everything from corn to canola to cattle extremely oversold. A partial recovery in the stock market has helped inspire bargain hunting across most markets with corn and soybeans recovering from early losses to turn higher on the day, despite the U.S. dollar adding to overnight gains. Even canola and soybean oil have come close to unchanged after the former was down almost $10/mt at one point.

Pre-report estimates for Tuesday's WASDE update may be helping with a small drop in corn yield expected while the soybean yield is likely to see a minor 0.4 bpa yield increase according to estimates, not the 1.9 bpa jump that StoneX put out earlier in the week (that weighed heavily on ag markets).

Energy prices have turned lower with no clear indication of what to expect next amid conflicting reports. That has left treasuries only slightly lower while allowing stocks to rebound.

 
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