November canola is up $8.80/mt, December soybean oil is up 0.70 cents/pound, November European rapeseed is up 1.00 euro/mt and November Malaysian palm oil is up 0.95. December oats are up 3/4 cents/bushel while November European corn is down 1.00 euro/mt. October crude oil is up $2.83/barrel, October ULSD is up $0.0523/gallon, and the September Canadian dollar is down 0.00280 at 0.71855. The September U.S. Dollar Index is up 0.609 at 99.720, and the September Brazilian real is down 0.00060 at 0.19345.

After setting new record highs in early trading, diesel prices pulled back sharply when President Trump put out a social media post stating that "Ukraine has agreed not to hit Russian energy targets. Russia has agreed to do, likewise!". With the implication that such an agreement could mark a de-escalation between countries, it took the wind out of the sails of ag markets at the same time, especially those impacted by shipments through the Black Sea (wheat and corn in particular). Given how many untrue posts have come out over the past six months that were clearly aimed at impacting markets, time will tell regarding this one -- but there has been no indication from either party involved that there is any truth to the post.

Crude oil has quickly disregarded the post, with it climbing back up toward contract highs, while soybean oil and canola have held on to strong gains. The latter is surely being helped by the significant harvest delays seen on the Canadian Prairies as another system moves through.

In outside markets, the U.S. 10-year note managed to top 5.01% in early trading for the first time since 2023 on inflation concerns but has since backed off as diesel did the same. Stocks remain under pressure, while the U.S. dollar has held onto significant gains.

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