January canola is up $1.80 per metric ton (mt), March soybean oil is down .30 cents per pound, February European rapeseed is up 2.00 euro per mt and January Malaysian palm oil is up .12%. Dec oats are up 1/4 cents per bushel. January crude oil is up $.40 per barrel, January ULSD is down $.0482 per gallon, and the December Canadian dollar is down .00080 at .70955. The December U.S. Dollar Index is up .002 at 100.115 and the December Brazilian real is up .00030 at 0.18505.

Grain and oilseed markets recovered much of their early losses with oilseeds benefiting from a surprising revelation that President Trump and President Xi Jinping concluded a call Monday morning that was described by the Chinese as very positive. Apparently, Xi had stressed the importance of building on the positive momentum recently seen from their improved relations. That followed another flash sale announcement of 123,000 mt of soybeans sold to China, helping soybeans turn positive for part of the morning.

Corn turned higher on the day thanks to bargain hunting following recent declines and another very strong week of export inspections. 1.632 mmt was inspected for export compared to 2.066 mmt last week and only 1.009 mmt last year. That puts shipments at 72% ahead of last year while the USDA is expecting an annual increase of only 9%. Wheat inspections were also very strong at 474,500 mt compared to 246,500 mt last week and 365,900 mt last year. Soybean inspections slowed while waiting for China sales with only 799,000 mt for the week ending Nov. 20 compared to 1.205 mmt last week and 2.120 mmt last year.

Soybean oil remains under pressure thanks to ongoing losses in diesel despite gains in crude oil and gasoline futures. Energy markets still appear to be minimizing the Ukraine/European stance that the Ukraine refuses to concede territory, limit the size of its military or limit its future partnerships. All of which Russia continues to insist on.

In outside markets, equities are surging with stability returning to bitcoin while Treasuries have turned mixed. The U.S. dollar is back to very minor gains but still not trading above the recent reaction high that it would take to start a rally towards the double bottom target of 104.

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