January canola is down $3.40 per metric ton (mt), March canola is down $4.60 per metric ton (mt), March soybean oil is down .17 cents/pound, February European rapeseed is down 2.25 euro per mt and February Malaysian palm oil is up .78%. March oats are up 5 3/4 cents/bushel. January crude oil is up $.96 per barrel, January ULSD is up $.0119 per gallon, and the December Canadian dollar is down .00265 at .72785. The March U.S. Dollar Index is up .191 at 97.985 and the January Brazilian real is down .00195 at 0.18055.

About half of the gains seen overnight in crude oil have now been lost with almost all the bounce in diesel futures. That did nothing to help the oilseed markets with selling resuming during the day session. With oilseeds being very oversold now after accomplishing all the bears' objectives, a bounce could be expected at any time; but there is no sign of one so far Wednesday.

Corn is the exception thanks to a record week of ethanol production averaging 1.131 million barrels per day (for the week ended Dec. 10) and continued record-setting exports. Another 177,055 mt of flash corn export sales was announced Wednesday morning with 198,000 mt of soybeans sold to China and 125,000 mt sold to unknown destinations (likely China) also announced.

In outside markets, Treasuries remain lower on word that Fed Governor Chris Waller will be interviewed today for the Fed chairman position. Rumors suggest White House advisers aren't satisfied with Kevin Hassett's abilities and the decision to interview Waller suggest Kevin Warsh may not be a fit either for some reason. In the meantime, stocks are now sharply lower ahead of Thursday's November CPI release while the U.S. dollar remains higher, albeit off the highs.

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