January canola is up $1.00 per metric ton (mt), March soybean oil is up .35 cents/pound, February European rapeseed is up 2.75 euro per mt and January Malaysian palm oil is up .22%. March oats are up 1 cent/bushel. January crude oil is still down $.46 per barrel, January ULSD is up $.0112 per gallon, and the December Canadian dollar is up .00025 at .71525. The December U.S. Dollar Index is up .088 at 99.450 and the December Brazilian real is up .00050 at 0.18600.

The DTN Plains, Prairies Opening Comments for wheat didn't take long to age well. Based on the lower early wheat trade, this was the thought for those that missed it: "It appears traders are concerned an end to the Russian/Ukraine war would be bearish and are trading on the optimism. Given the opposing views on who needs to withdraw from disputed Ukraine territories, that may be premature." Wheat is now leading the way higher with $.15/bushel gains off overnight lows on threats from Putin to escalate the war with Ukraine by cutting off its access to the sea (by expanding strikes on ports and ships destined for those ports). That threat has also turned corn sharply higher on the session, reversing early losses.

Soybeans are largely unaffected by the news, but soybean oil is trading near the highs of the session thanks to gains in energy markets on the threats of escalation. Canola gave up most of its early gains when soybeans retreated, again comfortable as an observer to the soybean oil rally ahead of Thursday's Statistics Canada final production estimates.

In outside markets, bargain hunting has bitcoin sharply higher with stability in that market calming anxiety enough that equity markets are comfortable remaining higher. Treasuries and the U.S. dollar are quietly firmer as well while energy prices are mixed, albeit well off morning lows.

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