March canola is up $2.60 per metric ton (mt), March soybean oil is up .67 cents/pound, May European rapeseed is up 5.00 euro per mt and February Malaysian palm oil is down .34%. March oats are up 6 cents/bushel. March crude oil is up $1.76 per barrel, March ULSD is up $.0550 per gallon, and the March Canadian dollar is up .00340 at .73015. The March U.S. Dollar Index is down .351 at 97.825 and the February Brazilian real is down .00030 at 0.18855.

Grain and oilseed markets have added to overnight gains as midday approaches. Near record-setting corn export sales for the week ended Jan. 15 took total commitments to 2.206 billion bushels (bb), up 33.7% from last year's 1.651 bb. The USDA is currently estimating a 12% annual increase. If China was left out of past totals as it is from last week, the 4.011 mmt in sales sets a weekly record.

Soybeans had impressive totals as well with 2.446 mmt in sales during the week ended Jan. 15. That takes total commitments to 1.214 bb, down 22% from last year but a vast improvement from the end of November when they were 39% below last year. The USDA is currently estimating annual exports will fall 16.3%. It's worth noting that total export commitments of soybeans are now 67 million bushels (mb) ahead of 2019-20 when exports ended up at 1.683 bb and 98 mb ahead of the 2018-19 pace when final exports hit 1.753 bb (during Trump's first term trade war with China). That makes USDA's current export estimate of 1.575 look far too conservative.

Helping from the macro-economic side, a continued selloff in the U.S. dollar (that has now taken out Tuesday's low, heading for a test of the December low) has inspired buying across all commodities. Silver has topped $101/ounce after being worth just $27.545 in April while gold is approaching $5,000/ounce. Energy markets are sharply higher as tensions in Iran increase and the U.S. is hit by crippling cold weather. The cold has combined with interest in commodities to help with another push higher in cattle markets. In the financials, Treasuries and equities remain mixed ahead of the weekend.

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