March canola is up $.50 per metric ton (mt) with May canola also up $.90/mt. May soybean oil is up .53 cents/pound, May European rapeseed is down .25 euro per mt and April Malaysian palm oil is up .02%. May oats are up 1 1/2 cents/bushel. April crude oil is down $.41 per barrel, April ULSD is down $.0087 per gallon, and the March Canadian dollar is down .00045 at .73035. The March U.S. Dollar Index is up .049 at 97.690 and the March Brazilian real is up .00085 at 0.19415.

A new contract high has been set yet again in soybean oil as traders anticipate good news when EPA submits its final proposal for blending mandates to the White House, possibly this week. A rally in soybeans has likely helped, with it most likely stemming from optimism that China's return from their Lunar New Year break may mean additional soybean purchases. Following a similar pattern as Monday, it will be important for the bulls to avoid the same fate with a selloff into the close. Meanwhile, with energy markets remaining calm, the rally in the soybean complex has helped canola add to its gains.

In outside markets, Treasuries remain quietly lower while equities continue to recover part of Monday's AI-concern inspired losses. Energies are drifting quietly lower amid a lack of news while the U.S. dollar has edged up in uninspired trade ahead of Tuesday evening's State of the Union Adress.

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