January canola is up $3.40 per metric ton (mt), Dec soybean oil is up .29 cents per pound, February European rapeseed is down .25 euro per mt and January Malaysian palm oil is up .07%. Dec oats are down 1 1/4 cents per bushel. December crude oil is up $1.57 per barrel, December ULSD is up $.0841 per gallon, and the December Canadian dollar is up .00040 at .71415. The December U.S. Dollar Index is up .120 at 99.170 and the December Brazilian real is up .00075 at 0.18880.

Grain and oilseed markets continue to trade quietly higher ahead of the data purge at 11 a.m. CST that's sure to inspire a volatile reaction. Besides the first WASDE update since September, any daily sales over 100,000 mt that were required to be reported during the government shutdown will be released.

It's worth noting that as of the last U.S. weekly export sales report (covering the period up to Sept. 25), total corn export commitments were setting a record. They already hit 27.151 mmt compared to the previous record of 25.316 mmt set during the Chinese buying spree to satisfy the Phase 1 trade agreement with the U.S. (in 2021). Last year at the same time, only 16.428 mmt of corn was committed for export. In September, the USDA was assuming only a 5% increase in exports for 2025-26 over the prior year. A revision higher would be quite likely today.

In the meantime, energy markets remain very strong thanks to Ukraine drone strikes on Russia's largest energy export terminal on the Black Sea. That has helped soybean oil and canola outperform for a change, ahead of the data at least.

In outside markets, Treasuries markets have reversed lower in a volatile session amid conflicting messages from Fed governors. Despite the resulting increase in interest rates, equities have shrugged off a very weak opening and are now higher on the day (with the exception of the Dow). The U.S. dollar has been able to maintain its minor gains, keeping the bounce off the 25-day moving average intact.

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