November canola is up $0.70/mt, December soybean oil is up 1.25 cents/pound, November European rapeseed is down 7.25 euros/mt and November Malaysian palm oil is up 0.24%. December oats are down 3 1/4 cents/bushel while November European corn is up 3.50 euros/mt. October crude oil is up $2.29/barrel, October ULSD is up $0.0306/gallon, and the September Canadian dollar is up 0.00115 at 0.72610. The September U.S. Dollar Index is up 0.059 at 98.790 and the September Brazilian real is down 0.00070 at 0.19225.

Most grain and oilseed markets are sharply higher again with many making new highs for the week. December corn is challenging the May high at $5.065/bushel as disappointing yield potential continues to be found during the Pro Farmer Crop Tour.

As mentioned in the opening comments, for Illinois, the tour calculated a corn yield that was down almost 8% from last year (with USDA using a 1% decline) while the soybean pod count was down 3% (with USDA estimating a 7% improvement from last year). For western Iowa, the trend is the same, but the state total will not be issued until Thursday evening after eastern Iowa and Minnesota are covered. The latter should find troubling results given the drought damage being seen throughout much of the Red River Valley area.

It isn't looking good going forward either for the Western Corn Belt as a hot air dome is still expected to sit over western Texas, blocking moisture for nearly all the Corn Belt with much above-normal temperatures set to return to the Western Corn Belt and Canadian Prairies.

Strong gains in energy markets are surely helping as the Middle East situation continues to show signs of deterioration. Iran has threatened to go on the offensive and attack U.S. interests in the region in response to threats by Trump to increase economic pressure. The latter alone helps support prices as petroleum supplies have dwindled to low enough levels that the status quo in the Middle East cannot be sustained indefinitely.

Stocks and bonds are lower, extending their overnight losses thanks to inflationary gains in commodities and an apparent displeasure in the U.S. Treasury plan to double the size of its long-term debt purchases to help keep those interest rates down. The U.S. dollar has recovered from overnight losses as interest rates have crept higher.

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