November canola is down $16.60/mt, December soybean oil is down 1.52 cents/pound, November European rapeseed is down 4.00 euros/mt, and November Malaysian palm oil is up 1.15%. December oats are up 2 cents/bushel while November European corn is down 1.50 euros/mt. October crude oil is up $0.05/barrel, October ULSD is up $0.0322/gallon, and the September Canadian dollar is up 0.00110 at 0.72710. The September U.S. Dollar Index is down 0.068 at 98.790 and the September Brazilian real is up 0.00155 at 0.19370.

Exceptionally strong flash export sales announcements Friday morning failed to inspire much sustained strength in row crop markets throughout the morning, as profit taking following the recent rally has dominated trade. Both corn and soybeans did spend time on the plus side of unchanged, but those gains have faded in the soybean complex. That was despite flash sales announcements of 712,000 mt of soybeans to China and another 720,000 mt of soybeans to Unknown (often China) for the 2026-27 marketing year. An additional 205,000 mt of corn sales to Unknown for 2026-27 was reported.

A sharp reversal lower for soybean oil in early trading (that is weighing on canola) was likely due to an EPA update suggesting that it will issue a decision on all pending 2025 small refinery exemptions by the end of the month. It also extended 2025 compliance deadlines past their September 1 previous date. In the long run, that should have far less of an impact than the diesel price strength.

Diesel posted another new contract high today for the October delivery month, while the nearby spot contract tested Iran war highs. The record high price for ULSD nearby contract was $4.6709/gallon set in March 2022. The high today for the nearby September contract is $4.5563/gallon. It had fallen to just $2.9789/gallon as recently as June 18. By comparison, the nearby crude oil contract is (only) $87.06/barrel compared to the Iran war high of $119.48/barrel and the record high of $147.27/barrel set in July 2008. Suggesting strong support for vegetable oil feedstock for renewable diesel remains.

In outside markets, stocks are sharply higher, while treasuries sell off again over concern about the U.S. Treasury attempt at intervention. The U.S. dollar has recovered from its worst overnight losses as interest rates have crept higher, but remains much weaker for the week.

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