January canola is up $6.10/mt, December soybean oil is up .29 cents/pound, February European rapeseed is up 1.75 euro/mt and January Malaysian palm oil is up .50%. December oats are up 11 1/4 cents/bushel while March European corn is up 1.00 euros/mt. December crude oil is down $.06/barrel, December ULSD is down $.0280/gallon, and the December Canadian dollar is down .00005 at .70220. The December U.S. Dollar Index is up .181 at 103.275, and the December Brazilian real is up .00040 at 0.17675.

Grain and oilseed markets remain strong but have given up their best overnight gains as the U.S. dollar continues to firm amid persistently high interest rates (marking another 19-month high). A slightly softer-than-expected PPI report Friday morning did nothing to help, with the U.S. 10-year note still trading at 5.13%.

Exceptional export interest added justification to the day's rally with a whopper of a weekly corn export sales total (2.881 mmt or 113 mb for the week) followed up by a series of flash sales announcements. 303,300 mt of corn was sold to Mexico while 134,000 mt, 120,000 mt and 100,000 mt of soybeans were sold to China, Vietnam and Unknown respectively.

Improved rainfall forecast for Brazil's dry regions (including Mato Grosso) is likely responsible for some of the pullback in the soybean complex as Friday morning has progressed.

Stocks have reversed lower with the global Microsoft outages and ongoing Nvidia spy scandal taking their toll, as they should. The higher interest rates and outlook for more of the same down the road have not helped in this case either.

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