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Plains, Prairies Quick Takes
7/18 11:10 AM
November canola is down $1.30 per metric ton (mt), December soybean oil is down .06 cents per pound, August European rapeseed is down 7.75 euros per mt and August Malaysian palm oil is up 3.00%. Dec oats are up 1 1/4 cent per bushel. August crude oil is up $0.18 per barrel, August ULSD is up $0.0193 per gallon, and the Sept Canadian dollar is up .00175 at .73125. The U.S. Dollar Index is down .416 at 98.030 and the Brazilian real is down .00050 at 0.17915. A dramatic reversal in diesel futures (with the motive unclear at this point) from significant advances over a two-day period is likely behind a similar reversal in soybean oil and canola as we approach the midsession. Given gains seen on the week for soybean oil in particular, profit taking ahead of the weekend wouldn't be a surprise. Corn and wheat have held the bulk of their gains while soybeans have given up about half of their best advances for the session. As such, it's unlikely that profit taking is related to row crop production or extended weather forecasts. Outside markets are quiet going into the weekend with light profit taking dragging equities slightly lower, small advances seen in treasury markets, and the U.S. dollar remaining quite weak. Energy markets have given up substantial gains to turn mixed on the day. (c) Copyright 2025 DTN, LLC. All rights reserved. |
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