Overnight Trade

Minneapolis Canola
US $ per bushel C$ per tonne
Dec 9.22 -1.8% Nov 783.00 -1.2%
Mar 9.31 -1.6% Jan 791.50 -1.2%
Kansas City Soybeans
US$ per bushel
Dec 9.14 -2.3% Nov 14.45 -0.2%
Mar 9.14 -2.2% Jan 14.52 -0.2%
Chicago Dollar
US $ per bushel U.S. cents per C$
Dec 8.37 -2.6% Dec 75.14 -0.2%
Mar 8.54 -2.4% Mar 75.15 -0.2%
Corn Crude Oil
US $ per bushel WTI US$ per barrel
Dec 6.72 -0.7% Oct 82.75 -2.8%
Mar 6.78 -0.7% Nov 82.4 -2.8%

Equity markets are headed lower this morning as concerns about the Fed raising interest rates on Wednesday. The market nervousness seems to be misplaced as no one expects the Fed not to increase interest rates at this FOMC meeting. The Fed is also expected to raise interest rates at their next meeting in October. The U.S. dollar is rallying on the expectations with nearby dollar index futures trading over the 110 point mark. The loonie is weaker on the news with nearby Canadian dollar futures trading at 75.03 U.S. cents (1.331 C$ per US$). Crude oil is also lower on the stronger dollar and recession concerns. Nearby WTI futures are trading at C$82.75 per barrel.

Canola futures are down this morning as the drop in crude oil pressures the vegetable oil complex. Weaker palm and soybean oil along with the European rapeseed contracts are pulling the November canola contract down to C$783 per tonne. Soybean markets are down three to four cents per bushel in early morning trade. USDA reported an overnight sale of 136,000 tonnes to China.

Wheat markets are also lower on the strong U.S. dollar with nearby Minneapolis contracts off 15 to 17 cents per bushel. Kansas City futures are down 21 to 22 cents per bushel, while Chicago wheat futures are down 22 to 23 cents per bushel. Corn futures are down five cents per bushel in early morning trade.