November canola is down $8.30/mt, December soybean oil is down 0.75 cents/pound, November European rapeseed is down 10.75 euro/mt and October Malaysian palm oil is down 0.85%. December oats are down 1 1/2 cents/bushel while November European corn is down 5.00 euros/mt. September crude oil is up $0.71/barrel, September ULSD is up $0.0148/gallon, and the September Canadian dollar is down .00175 at .71425. The September U.S. Dollar Index is up .189 at 99.910 and the August Brazilian real is down .00035 at 0.19685.

Wheat is making a splash for all the wrong reasons with it trading sharply lower into the end of the month for no apparent reason, other than likely profit-taking. It is acting as it did last Friday when reports circulated suggesting that Ukraine was trying to get its exports back on track, which were ultimately dismissed. So, similar rumors with intention of triggering headline algorithms may be behind the move. The same could be behind another leg lower in European ag markets and canola.

Otherwise, grain and oilseed markets remain under pressure as traders watch rains drift across the Corn Belt to see how totals add up. An uptick was seen when the NWS released its observed rainfall maps (for totals up to 7 a.m. CDT) suggesting North Dakota had basically missed out altogether and much of Iowa received disappointing amounts. That does set the stage for a rebound on Monday as the new month starts, should the rains underperform overall.

Energies are strong but well off their best levels of the morning on concerns over an escalation of the war with Iran. The resulting inflation fears inspired additional selling in treasury markets with the 10-year note interest rate reaching the highest level seen since the start of 2025 (to almost 4.74%) and the 30-year bond continues to trade right around 19-year highs in rates, lows in price. That has turned stocks mixed while the U.S. dollar has held on to some of its overnight gains.

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