Hart Acre Grains

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Plains, Prairies Quick Takes

2/17 11:02 AM

March canola is up $1.90 per metric ton (mt) with May canola up $1.90/mt. March soybean oil is up .51 cents/pound, May European rapeseed is up 1.25 euro per mt and April Malaysian palm oil is closed. March oats are up 3 3/4 cents/bushel. March crude oil is down $.59 per barrel, March ULSD is down $.0085 per gallon, and the March Canadian dollar is down .00195 at .73315. The March U.S. Dollar Index is up .411 at 97.230 and the March Brazilian real is down .00035 at 0.19050.

As suggested on Friday, now that the long weekend is in the rearview mirror and nothing dramatically changed, (some) trends are resuming. Of interest to most reading this is a reversal higher from overnight losses for soybeans, trading near their highs of the session as midday approaches. Relatively strong export inspections can take some of the credit, but technical buying is likely the most important with support at $11.25/bushel holding overnight (given the recovery began long before the export inspections were released).

Soybean oil and canola are also in the trend-resuming camp with overnight gains holding for the most part even though energy markets have reversed lower on word from the Iranian Foreign Minister that an understanding has been reached with the U.S. on the main principles of the negotiations taking place in Geneva. It seems unanimous that the Iranian military exercises this morning that closed the Strait of Hormuz were simply making a point ahead of talks.

Corn and wheat remain under pressure despite strong corn export inspections, coming in above the highest estimate in another impressive showing. Export inspections to date for corn are 44% above last year while the USDA only anticipates a 15.5% annual increase.

Outside markets are unsure what to do in volatile trade with Treasuries losing overnight gains and trading slightly lower now while stocks shook off early weakness to trade mixed at midday. The U.S. dollar has remained consistently strong while precious metals have stayed consistently weak.