March canola is up $1.20 per metric ton (mt), March soybean oil is closed, May European rapeseed is up 0.25 euro per mt and February Malaysian palm oil is up 0.89%. March oats are closed. February crude oil is up $0.07 per barrel, February ULSD is up $0.0326 per gallon, and the March Canadian dollar is up 0.00285 at 0.72315. The March US dollar index is down 0.366 at 98.835 and the February Brazilian real is up 0.00050 at 0.18615.

Canola has spent the day trading in quite a narrow range --- not surprising, given the lack of leadership with the U.S. ag markets closed for Martin Luther King Jr. Day. Strong energy markets and higher palm oil values are likely helping to offset the stronger Canadian dollar.

Traditional U.S. markets are closed but electronic trading remains active with the lower liquidity likely exaggerating some moves in response to President Donald Trump's threats to add tariffs to EU counties if they don't give him "Complete and Total Control of Greenland," as he stated in a letter to Norway.

New records being set in precious metals remain the most glaring example as markets appear to be losing confidence in traditional currencies in general and the U.S. dollar in particular as the world reserve currency. Besides the dollar remaining under pressure and trading near the lows on the day, treasury and equity markets are doing the same thing.

Energy markets remain mixed with most trading higher as midday nears. Cold weather is supporting heating oil (diesel) and natural gas markets while crude oil recovered from early weakness. Their Initial losses were inspired by fears over demand destruction, caused by a global economic slowdown resulting from growing trade tensions. Early price pressure arising from U.S. assurances that they were not going to strike Iran over protest clampdowns has also been overcome.

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