November canola is up $18.40/mt, December soybean oil is up 0.74 cents/pound, November European rapeseed is up 7.00 euro/mt and October Malaysian palm oil is up 0.27%. December oats are up 3/4 cent/bushel while November European corn is up 3.00 euros/mt. September crude oil is up $1.43/barrel, September ULSD is up $0.0429/gallon, and the September Canadian dollar is up 0.00420 at 0.72420. The September U.S. Dollar Index is down 0.724 at 98.830 and the September Brazilian real is up 0.00195 at 0.19295.

Grain and oilseed markets are sharply higher with the row crops making new highs for the week and coming close to challenging contract highs. It's worth repeating part of the opening comments regarding the first few days of the Pro Farmer Crop Tour as the crop problems and disappointing yield potential found along the way are inspiring today's gains.

"The hot and humid July can likely be blamed for serious pollination issues, even under irrigated corn, with the lack of overnight relief also being a problem in the past. Not only are kernels missing but on dryland corn in the Western Corn Belt, its entire cobs in some cases. More specifically, for Nebraska, the tour calculated a corn yield that was down 9% from their estimate of last year's yield with the soybean pod count down 9% as well. For Indiana, the damage was not as bad, but the Eastern Corn Belt will have trouble propping up the national yield with the state's corn yield down 5% and the soybean pod count down 4%. Considering the importance, it's worth repeating that Day 1 found South Dakota corn yield estimates down 14.4% from last year while soybean pod counts were 20.4% lower. Ohio results were better but compared to last year, corn was still down 3% with soybeans down 7%. USDA is currently working with a 3.1% decline in corn yield versus last year with only a 0.6% reduction in soybean yield penciled in so far."

Strong gains in energy markets are surely helping as the Middle East situation continues to show signs of deterioration.

Stocks and bonds are mixed after the U.S. Treasury announced it will double the size of its long-term debt purchases to help keep interest rates down. In effect, borrowing short-term and using the funds to prop up long-term debt prices, keeping downward pressure on rates (for the 30-year bond). That has weighed heavily on the U.S. dollar index which also supports the commodity rally.

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