January canola is down $1.00/mt, December soybean oil is down .02 cents/pound, February European rapeseed is down .75 euro/mt and January Malaysian palm oil is up .30%. December oats are down 5 1/4 cents/bushel while March European corn is up .50 euros/mt. December crude oil is down $2.35/barrel, December ULSD is down $.1419/gallon, and the December Canadian dollar is up .00185 at .71665. The December U.S. Dollar Index is down .191 at 101.840, and the December Brazilian real is down .00105 at 0.18545.

Likely related to month-end positioning -- energy markets are materially lower; treasuries have rallied despite an uptick in inflation (as expected from the September PCE index update) and the resulting decline in interest rates has weighed on the U.S. dollar further. That has taken some of the pressure off ag markets with most staging impressive recoveries from overnight losses.

Being the most oversold, wheat is leading the bounce with corn also turning slightly higher for a period. Even soybean oil has rallied almost a cent off its low and is trying to turn positive. The same can be said for canola with it almost $10/mt off of its worst levels. A solid close today would mark a rally off of long-term support around $780/mt in the case of canola with the reversal higher being a positive technical sign.

Stocks are still lower, led by a very weak NASDAQ based on AI-related concerns and worse-than-expected earnings by some.

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