November canola is up $7.90/mt after making new contract highs, December soybean oil is up 0.29 cents/pound, November European rapeseed is up 5.00 euro/mt and September Malaysian palm oil is up 0.51%. December oats are down 2 cents/bushel while November European corn is down 1.25 euros/mt at new contract highs. September crude oil is up $5.24/barrel, September ULSD is up $0.1794/gallon, and the September Canadian dollar is down 0.00015 at 0.71150. The September U.S. Dollar Index is up 0.361 at 101.315 and the August Brazilian real is down 0.00105 at 0.19620.

Grains and oilseeds are taking a back seat to surging crude oil prices and their impact on various outside markets. The closure of the access to the Red Sea by the Houthis and their attack on two Saudi Arabian oil tankers overnight provided the latest catalyst, sending energy markets sharply higher. With WTI crude oil approaching $93/barrel and Brent crude oil trading over the psychological $100/barrel level again, interest rates have reached levels not seen for years on inflation concerns, sending stocks tumbling and the U.S. dollar jumping.

Ag markets ran into some profit taking after a very strong overnight session with November canola trading as high as $837.60/mt early in the day. Weaker-than-expected corn export sales as reported in the weekly update may have contributed to the pullback but performance to date still suggests further upward revision to come. As of July 16, total corn export commitments for 2025-26 have reached 3.41 billion bushels (bb) compared to the current USDA annual estimate of 3.325 bb with six weeks left in the marketing year.

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