March canola is down $9.30 per metric ton (mt) with May canola down $8.90/mt, March soybean oil is down .85 cents/pound, May European rapeseed is down 2.25 euro per mt and April Malaysian palm oil is up .32%. March oats are up 3 3/4 cents/bushel. March crude oil is up $.11 per barrel, March ULSD is down $.0092 per gallon, and the March Canadian dollar is down .00070 at .73505. The March U.S. Dollar Index is down .037 at 96.800 and the March Brazilian real is down .00090 at 0.19060.

Profit-taking has been the dominant theme of the morning for the oilseed complex despite a recovery in energy markets (now mixed on the day amid a lack of news). The gap higher in soybeans Wednesday evening that was mentioned in the opening comments has now been filled with canola and soybean oil seeing the largest declines of the day. Counter-trend moves are common ahead of holidays with a resumption of the trend most often seen following -- providing nothing significant had changed in the meantime.

Corn is showing relative strength for no apparent reason with it being higher most of the morning. Wheat markets have remained lower on profit-taking ahead of the long weekend.

Outside markets are reacting to a slightly cooler than expected CPI report out Friday morning. Core CPI came out as expected at 2.5% while headline CPI was weaker than expected with a 2.4% annual rate versus estimates of 2.5%. Both mark the lowest levels in years and set up the Fed to lower interest rates. With that, Treasuries and equities rallied while the U.S. dollar pulling back on the declining interest rates. Precious metals are sharply higher on the lower dollar and fears the Fed has the green light to lower rates while leaving inflation go unchecked.

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