November canola is down $27.30/mt, December soybean oil is down 2.12 cents/pound, November European rapeseed is down 11.25 euro/mt and September Malaysian palm oil is down .21%. December oats are down 8 cents/bushel while November European corn is up .75 euros/mt. September crude oil is down $6.07/barrel, September ULSD is down $.0191/gallon, and the September Canadian dollar is down .00080 at .71020. The September U.S. Dollar Index is up .008 at 101.310 and the August Brazilian real is down .00115 at 0.19560.

Grain and oilseed markets remain under heavy pressure but are trying to bounce off the lows with the same occurring in energy markets. The primary driver in the ag market selloff is the increased chance of scattered rainfall towards the end of the week for the Corn Belt. It still looks too light to be meaningful and what falls will be missing the worst of the drought impacted areas in the Western Corn Belt, but the surprising change in the forecast was enough to trigger profit taking. Gaps higher from last Sunday evening remain unfilled for both corn and soybeans.

It's worth noting that there has been no update on Ukraine's plans to try to get exports flowing again through their port of Odesa that triggered a sharp selloff on Friday in related markets (wheat, corn, European rapeseed, canola). In fact, the Russian Defence Ministry has now claimed that they just hit the port again. European corn is higher on the news even though Chicago corn remains sharply lower.

Energy markets are trying to claw their way back to fill gaps lower that were left Sunday evening following the surprising pause by the U.S. and Iran. That said, there are many reasons for traders to remain bullish with the U.S. blockade of Iranian exports remaining, the Houthis and Saudi Arabia escalating attacks on one another (risking access to the Red Sea), Iran continuing to stress that they are in control of the Strait of Hormuz, that it's non-negotiable, and that they claim to have turned back another 6 vessels that tried to pass without permission, and finally that Ukraine continues to strike Russian energy infrastructure. All suggesting supply disruptions are far from over.

Outside markets are having a bit of difficulty processing all that is going on with bonds remaining quietly higher but stocks giving up their strong gains and turning lower. The U.S. dollar has recovered from its overnight losses and turned slightly higher.

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