January canola is down $2.70 per metric ton (mt), March soybean oil is up .21 cents/pound, February European rapeseed is down 4.00 euro per mt and January Malaysian palm oil is down .76%. March oats are down 6 cents/bushel. January crude oil is up $.60 per barrel, January ULSD is up $.0310 per gallon, and the December Canadian dollar is down .00070 at .71555. The December U.S. Dollar Index is down .173 at 99.235 and the December Brazilian real is down .00040 at 0.18555.

Export sales for the week ended Oct. 23 were released early Monday as the USDA continues to try to catch-up from the government shutdown. It not only showed continued impressive export sales for corn of another 1.805 million metric tons (mmt) for the week but also strong soybean sales of 1.450 mmt and soybean meal and oil sales above expectations. Soybean oil was particularly interesting for the canola market with another 65.7 million pounds sold on the week -- taking total export commitments to 356.7 million pounds out of the total annual estimate of 900 million pounds (or 40% at just three weeks into the marketing year).

Then the non-delayed export inspection report was released at 10 a.m. CST with another strong week of corn export shipments included. Actual corn exports to Nov. 27 are now 71% ahead of last year's pace. Soybean shipments are 46% behind last year (given China was still boycotting U.S. beans until recently) while wheat exports were running 20% ahead of last year.

The net result of the data update has been an extension of Friday's rally for soybean oil with canola trimming its losses and corn recovering to almost unchanged on the day. Soybeans are still quietly lower with wheat now mixed.

Outside markets have not changed significantly from the opening comments with Treasuries under pressure on fears it will be Kevin Hassett who is named the new Fed chairman, fully intent on lowering interest rates as President Trump wishes despite the impacts on inflation. The higher interest rates are still pressuring equity markets even though they have been able to trim their losses while the U.S. dollar remains under mild pressure.

Energy markets have given back some of their best gains of the session but are still trading higher on OPEC+'s decision to refrain from any further production increases for the first quarter of 2026.

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