May canola is up $6.70/mt, May soybean oil is up .09 cents/pound, May European rapeseed is up 3.00 euro per mt and April Malaysian palm oil is up .12%. May oats are up 7 1/2 cents/bushel. April crude oil is up $4.56 per barrel, April ULSD is up $.3374 per gallon, and the March Canadian dollar is down .00010 at .73230. The March U.S. Dollar Index is up .783 at 99.120 and the March Brazilian real is down .00415 at 0.18780.

Overnight strength has been given up once again with canola being the lone exception. The combination of optimism over China dropping their import tariff (on Canadian canola) to 14.9% as expected and weakness in the Canadian dollar as the U.S. dollar has surged this week can likely take the credit. Even soybean oil gave up its overnight gains with the pullback filling the gap higher from Sunday evening. With it trading slightly higher again, it is presenting as a bull market correction to fill the gap (within two days), negating its importance rather than an exhaustion gap reversal. A sharply lower move over the next day or two would suggest the latter, more serious signal.

The rest of the ag markets gave up their strong overnight gains, presumably because of the sharp rally again in the U.S. dollar with weakness in equity markets potentially inspiring fears over the economy. That should be a stretch compared to the impact that surging energy prices should have on the related component of corn and soybeans, but it may take time to matter.

In outside markets, stocks sold off sharply overnight and put in fresh new lows shortly after the pit session opened, taking out not only Monday's low but long-term support. Prices have bounced back somewhat since but do look quite vulnerable with far more to worry about than not -- between the impacts of war, surging energy prices, AI concerns and now private credit write-downs. Treasuries have recovered much of their early losses as the same concerns begin to outweigh fears about inflation. And as a final sign of the anxiety-inspired volatility, gold is down almost $200/ounce with nearly a $400/ounce range for the day.

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