November canola is down $15.70/mt, December soybean oil is down 1.79 cents/pound, November European rapeseed is down 7.50 euros/mt and November Malaysian palm oil is down 1.45. December oats are down 2 3/4 cents/bushel while November European corn is down 1.25 euros/mt. October crude oil is down $3.46/barrel, October ULSD is down $0.0386/gallon, and the September Canadian dollar is down 0.00240 at 0.72085. The September U.S. Dollar Index is up 0.013 at 99.060, and the September Brazilian real is down 0.00010 at 0.19515.

Either significantly sized entities have seen bearish numbers ahead of the WASDE release somehow, or traders are extremely cautious and trying to reduce risk ahead of the report. Either way, grain and oilseed markets have been very weak during the day session, with losses exceeding those experienced in the energy product markets.

Very little has changed otherwise since the opening comments, with energy markets remaining lower on the potential for Iran and Gulf States to meet early next week to look for ways to de-escalate the situation. Given Iran's dominance in both straits now, they are unlikely to budge from its position, leaving a near-global surrender to their demands the only likely way the straits open anytime soon.

A slightly hotter-than-expected core CPI monthly print added volatility to the financial markets upon its release, but treasuries have since turned mixed again. The 4.98% high for the U.S. 10-year note has not been taken out yet. Stocks are sharply higher on the slight pullback in energy markets, while the U.S. dollar has given up most of its small overnight gains.

(c) Copyright 2026 DTN, LLC. All rights reserved.