November canola is down $22.90/mt, December soybean oil is down 2.74 cents/pound, November European rapeseed is down 16.50 euros/mt and November Malaysian palm oil is down 1.43%. December oats are up 6 1/4 cents/bushel while November European corn is down 0.25 euros/mt. October crude oil is down $2.21/barrel, October ULSD is down $.1845/gallon, and the September Canadian dollar is down .00405 at .72335. The September U.S. Dollar Index is up 0.156 at 98.885 and the September Brazilian real is down 0.00030 at 0.19400.

Grain and oilseed markets pulled back from overnight levels, with the oilseed and vegetable oil markets getting hit the hardest. The double whammy mentioned in the opening comments has been responsible for increased losses as traders fear China will retaliate against U.S. soybeans if Monday afternoon's details of the economic war that the White House plans to unleash on Iran include sanctions on China. The vegetable oil markets continue to get hit exceptionally hard from the surprising EPA announcement on Friday that 2025 Small Refinery Exemption decisions will be released before month's end, while the 2025 compliance deadline gets an extension from the original September 1 date.

Corn has been the greatest exception, maintaining strong gains thanks to the surprisingly low national corn yield estimate released by Pro Farmer following last week's annual crop tour. The gap higher from Sunday evening remains for Chicago corn, but European corn did fall enough to fill the gap in that case.

Energy markets remain under heavy pressure with losses accelerating as the 1 p.m. CDT press conference nears, with Treasury Secretary expected to lay out the details of the U.S. "Economic D-Day" plan against Iran and its supporters.

The weakness in energy markets has allowed stocks to turn mixed and bonds to bounce slightly ahead of the Jackson Hole Federal Reserve meetings. That has also allowed the U.S. dollar to maintain its slight gains.

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