November canola is up $14.20/mt, December soybean oil is up 0.55 cents/pound, November European rapeseed is up 0.50 euro/mt and November Malaysian palm oil is down 0.54%. December oats are up 1 cent/bushel while November European corn is down 1.00 euros/mt. October crude oil is up $0.92/barrel, October ULSD is up $0.0417/gallon, and the September Canadian dollar is up 0.00310 at 0.72595 in an interesting reaction to the implementation of retaliatory tariffs. The September U.S. Dollar Index is down 0.310 at 98.840, and the September Brazilian real is up 0.00170 at 0.19560.

Not a lot has changed since the opening comments with canola leading the oilseed markets higher on weekend flooding-rain-induced harvest delays and potential buying ahead of Wednesday morning's Statistics Canada update. They will release the 2025-26 ending stocks (and supporting balance sheets) at 7:30 a.m. CDT with canola likely drawing the greatest attention. That follows the August AAFC update that lowered its 2025-26 canola ending stocks projection from 2.725 mmt to 1.725 mmt in one month. Given the harvest delays, the level of ending stocks to draw from will take on added importance.

Corn turned negative once the day session began, with traders likely spooked somewhat by Friday's Commitments of Traders update showing near record net long corn positions held by managed money traders. The fear would be a disorderly long liquidation event. Wheat markets also gave up the bulk of their substantial overnight gains as the day session resumed (for no apparent reason).

Energy markets are seeing similar action, with about two-thirds of their best overnight gains given up. There has been nothing to suggest any reprieve from the bullish impact that both wars have at this point -- rather simply profit taking in the commodity sector it seems.

With that, stocks have recovered somewhat and turned mixed, while Treasury markets remain quietly lower. The U.S. dollar index has come under increased pressure as midday nears, resuming its overnight decline.

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