November canola is up $20.10/mt, December soybean oil is up 0.66 cents/pound, November European rapeseed is up 12.00 euros/mt and November Malaysian palm oil is closed for holidays. December oats are down 1 1/4 cents/bushel while November European corn is down 1.50 euros/mt. October crude oil is down $3.21/barrel, October ULSD is down $0.0379/gallon, and the September Canadian dollar is up 0.00065 at 0.72335. The September U.S. Dollar Index is down 0.059 at 98.870 and the September Brazilian real is up 0.00030 at 0.19400.

Market volatility remains alive and well with canola and European rapeseed sharply higher, regaining most of Monday's significant losses already. In the case of canola, that marks a sharp rally off of the 100-day moving average, a positive technical sign. Given the AAFC cut in its 2025-26 canola ending stocks estimate from 2.725 mmt to 1.725 mmt recently, there is clearly very strong fundamental support to go along with that.

Soybeans and soybean oil have recovered from overnight losses with a soybean flash sale announcement Tuesday morning of 132,000 mt sold to unknown destinations, relieving trader anxiety somewhat as that designation is usually for China (when it comes to soybean sales). Corn and wheat have also turned higher on the day as the reality of a lack of Black Sea shipping appears to be back in focus. For corn, the poor crop condition ratings on Monday are surely helping with it now appearing as though Sunday evening's gap will remain as a breakaway gap, signaling a significant rally ahead (unless it is filled soon).

Energy markets remain under pressure with traders leery of pushing values up from these lofty levels with the new U.S. economic sanctions being worked through. That has allowed stocks and bonds to remain higher on the day while the U.S. dollar has now been drifting lower.

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