November canola is up $6.70/mt, December soybean oil is up 1.19 cents/pound, November European rapeseed is up 2.75 euros/mt and November Malaysian palm oil is up 0.64%. December oats are up 1 3/4 cents/bushel while November European corn is up 4.00 euros/mt, setting new contract highs. October crude oil is up $0.31/barrel, October ULSD is down $0.0428/gallon, and the September Canadian dollar is up 0.00090 at 0.72210. The September U.S. Dollar Index is down 0.014 at 99.075 and the September Brazilian real is down 0.00050 at 0.19330.

Grain and oilseed markets have turned higher with corn being the lone exception. Soybeans just put in a new contract high with another exceptionally strong new-crop weekly sales report likely behind the recovery from overnight declines. The 2.478 mmt in 2026-27 soybean sales were not a surprise, but the positive impact has not been taken lightly given the total outstanding sales now stand at 14.334 mmt (527 mb), almost double last year's 7.228 mmt (265 mb) in new-crop sales to date.

No official announcement has been made, but it appears supportive rumors may be circulating over positive small refinery exemption decisions. Soybean oil has reversed higher, leaving an outside up day so far and helping canola along the way. So much so that canola has clearly surpassed $800/mt resistance with it trading as high as $805.40/mt so far.

Wheat prices continue to build on Wednesday's limit advances in Chicago with no indication that the threatened escalation of the war between Russia and Ukraine will be walked back. That has also supported energy markets with prices there remaining mixed.

In outside markets, stocks are sharply higher on Nvidia's strong quarterly report with bonds trading slightly higher ahead of Fed Chairman Warsh's speech in Jackson Hole on Friday. The U.S. dollar has drifted slightly lower, also waiting on the speech.

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