Yesterday there was some late trading that moved the soybean oil market higher later in the day. News today that exports were below expectations and that the Brazilian currency was weakening pushed the markets lower, erasing yesterday's gains. Corn seems to be the feature at the moment but that's expected to be shortlived.
Lots of guessing going on as to what will happen if the soybean market continues lower. Will it pass a support point leading to larger moves downward? Hard to tell, but at the moment there is more positive news pressuring ag prices lower than negative news.
Canola has been steady over the last few trading sessions but there is some concern that cool wet weather in Canada could provide some futures support.