January canola is up $.20/mt, December soybean oil is down .44 cents/pound, February European rapeseed is down 8.25 euro/mt and January Malaysian palm oil is down .10%. December oats are down 2 3/4 cents/bushel while March European corn is down 2.25 euros/mt. December crude oil is down $7.53/barrel, December ULSD is down $.2317/gallon, and the December Canadian dollar is down .00115 at .71680. The December U.S. Dollar Index is down .160 at 101.585, and the December Brazilian real is up .00030 at 0.18250.

So much for a new month bringing in increased buying interest for ag markets after 2 months of heavy selling pressure. Soybeans are leading the way lower despite exceptionally strong weekly export inspections of 2.445 mmt for the week ending October 29. That takes the 2-week total for soybean export inspections to 4.947 mmt or 182 million bushels with China being the primary destination. Another round of flash sales announcements Monday morning failed to offer much support either, with China taking another 136,000 mt of soybeans. In addition, Mexico finally returned to the corn market in a big way, buying 1.730 mmt or 68.1 million bushels in one shot (roughly two-thirds for 2026-27 and the balance for shipment n the following year).

Canola has made an impressive recovery despite a sharp selloff in energy markets and continued pressure on the soybean complex. Given little has changed in the Canadian dollar's value and European rapeseed remains under pressure, it may be a major export sale is in the works. We may find out in about 9 weeks when the November trade data is released by Statistics Canada.

In the meantime, stocks and bonds are higher thanks to the sharp selloff in energy markets with pressure remaining on the U.S. dollar thanks to the resulting softening in interest rates.

Crude oil is the poster child for the energy decline with it being down over $7/barrel on renewed hopes for a diplomatic end to the war in Iran. At this point, conflicting reports suggest it may be more politically motivated propaganda meant to trigger headline algorithm selling. But as we have seen since April 7, we will have to wait to know for sure.

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