November canola is down $3.60/mt, December soybean oil is down .05 cents/pound, November European rapeseed is down 1.00 euro/mt and November Malaysian palm oil is down 2.10%. December oats are down 8 cents/bushel while November European corn is down 4.50 euros/mt. November crude oil is down $.48/barrel, November ULSD is down $.0269/gallon, and the December Canadian dollar is down .00040 at .70960. The December US dollar index is down .218 at 100.800, and the December Brazilian real is down .00060 at 0.19195.

It appears grain and oilseed traders are reconsidering their initial anxiety attack over the lack of announcements on additional ag purchases coming from the meetings between President Trump and Xi Jinping with most markets sharply above overnight lows. Corn is a prime example, still slightly lower but $.12/bushel above the morning low. Soybeans are similar, down $.04 but $.16/bushel above the morning low. Even wheat has recovered two thirds of its most extreme losses despite significant rainfall still being in the forecast for the U.S. southern plains.

The recovery may be tied to comments from U.S. Trade Representative Jamieson Greer who reported that "We've actually reached agreement with the Chinese on a number of these things", referring to goods including U.S. agricultural products. He added that the details will be released on Monday, suggesting the $17 billion in purchases of U.S. ag products (other than soybeans) that China had agreed to in the spring may still be a factor in these talks.

Energy markets are also lower but well above overnight lows as Iran downplays suggestions of diplomatic progress while attacking more vessels trying to pass through the Strait of Hormuz without their permission. Gasoline prices are sharply lower after reversing from new contract highs on Thursday as the idea of a U.S. ban on diesel exports loses traction.

The pressure on commodities has done little to halt the selloff in treasuries with the U.S. 10-year note hitting a multi-decade high of 5.23% in earlier trading. That has turned stocks mixed while the pullback in the U.S. dollar continues despite the increase in interest rates.

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