Overnight Trade

Crude oil continues to rally this morning on the Iranian conflict concerns with the nearby contract trading at US$65.89 per barrel. There was very little mentioned in the President’s State of the Union address about the potential for conflict with Iran. The loonie is trading close to unchanged at 65.89 U.S. cents.

The canola market is trading slightly lower this morning with the nearby contract off by C$1.40 per tonne to trade at C$690.20 per tonne. Soybean futures are providing some support with nearby futures trading up by one to two cents per bushel. Soybean oil futures are trading down by 0.3 per cent in early morning trade which is weighing down canola futures. Canola has been following soybean oil futures closely during the past two months.

Wheat futures are trading lower this morning with spring wheat futures down by one to two cents per bushel. Spring wheat futures are lagging winter wheat markets this morning with nearby contracts in Chicago and Kansas City down by four to five cents per bushel. Corn futures are trading mixed this morning with nearby contracts unchanged to down by one cent per bushel.