November canola is down $.60/mt and January canola is down $.30/mt, December soybean oil is down .02 cents/pound, February European rapeseed is up 2.50 euro/mt and January Malaysian palm oil is up .54%. December oats are down 2 3/4 cents/bushel while March European corn is down .25 euros/mt. December crude oil is up $3.57/barrel, December ULSD is up $.0846/gallon, and the December Canadian dollar is up .00090 at .71660. The December U.S. Dollar Index is up .153 at 101.595, and the December Brazilian real is up .00010 at 0.19830.

Grain and oilseed markets have given up good early gains as the recent correlation has been revived it seems. Energy markets jump due to increased risk in the Middle East led by strong gains in crude oil (up over $3.50/barrel at one point), pressuring treasury markets (over inflation fears) with the resulting increase in interest rates inspiring a rally in the U.S. dollar and providing a headwind for ag markets.

Baltic Sea related markets like canola, corn and wheat came under additional pressure on reports of potential progress towards an end to the war between Russia and Ukraine. At this point, the reports seem to be more about calming markets ahead of midterm elections than anything meaningful, but time will tell.

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