November canola is up $5.50/mt, December soybean oil is down .41 cents/pound, November European rapeseed is up 2.50 euro/mt and November Malaysian palm oil is up .70%. December oats are up 2 1/4 cents/bushel while November European corn is up .25 euros/mt. October crude oil is up $3.28/barrel, October ULSD is up $.2889/gallon, and the December Canadian dollar is down .00095 at .72150. The December U.S. Dollar Index is up .259 at 99.365, and the December Brazilian real is up .00015 at 0.19355.

Surging energy prices have helped most grain and oilseed markets reverse higher following overnight weakness. Diesel is leading the way with another run into record territory, up over $.31/gallon at one point today alone. Crude oil is not far behind, setting a new October contract high while testing $105/barrel. A Reuters report suggesting that Saudi Arabia has canceled late-September crude oil shipments to European refiners following the recent attacks on its East-West pipeline inspired the spike up. Roughly 5 million barrels per day of exports are reportedly at stake, with sources suggesting it may be November before shipments are resumed.

Oddly enough, even though canola is higher on the developments, soybean oil is not and actually turned lower on the day. Soybean meal is surging along with soybeans, so the strength in those markets may be related to the monthly NOPA crush report that is set to be released shortly.

The jump in energy prices resulted in another pullback in Treasury and equity markets with the U.S. 10-year note trading around 5% after hitting 5.04% overnight for the first time since 2007. The U.S. dollar remains higher on the rise in interest rates.

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