November canola is down $6.30/mt, December soybean oil is down 0.02 cents/pound, November European rapeseed is down 0.25 euro/mt and November Malaysian palm oil is down 0.77%. December oats are down 5 3/4 cents/bushel while November European corn is up 0.50 euros/mt. October crude oil is up $3.51/barrel, October ULSD is up $0.1824/gallon, and the September Canadian dollar is down 0.00130 at 0.72455. The September U.S. Dollar Index is down 0.007 at 98.775, and the September Brazilian real is down 0.00045 at 0.19520.

Grain and oilseed markets have had a relatively weak and volatile morning considering the lack of new developments and very strong energy markets. Escalations throughout nearly all aspects of the Iran war have resulted in additional gains in crude oil and diesel as the morning has progressed. Meanwhile, the same old propaganda of Russia suggesting peace talks could resume soon circulated, likely being responsible for the weakness. Despite the severe attacks from both sides since weekend talks.

Statistics Canada released their estimates of July 31 stocks of principal field crops, and almost all were above the August Agriculture and Agri-Food Canada (AAFC) estimates thanks to larger than expected on-farm stocks. That comes after Statistics Canada's 2025 implementation of a "new methodology" that uses "historical survey estimates and administrative data" to arrive at an estimate of on-farm stocks. In effect, diminishing the impact of survey responses and increasing the importance of their own interpretation of data. Also making it very difficult to estimate what they may decide, and how accurate that may be. For more details, see today's post at https://www.dtnpf.com/….

Outside markets have responded to the U.S. Treasury announcement that they will be purchasing up to $6 billion in long-term U.S. treasuries at Thursday's auction in an attempt to keep those interest rates down. With over $61 billion on offer, the amount appears to be less than impressive to traders who seem to be annoyed about the intervention. With that, treasuries sold off while interest rates climbed higher and stocks sold off further. The U.S. Dollar Index was able to trim its losses on the news.

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