January canola is down $12.60 per metric ton (mt), March soybean oil is down .61 cents/pound, February European rapeseed is down 5.00 euro per mt and January Malaysian palm oil is down .65%. March oats are up 1 3/4 cents/bushel. January crude oil is up $.55 per barrel, January ULSD is down $.0258 per gallon, and the December Canadian dollar is up .00100 at .71725. The December U.S. Dollar Index is down .411 at 98.885 and the December Brazilian real is up .00100 at 0.18730.

Canola is leading the way lower with what appears to be selling ahead of Statistics Canada's final production figures out Thursday morning. According to pre-report estimates compiled by Reuters, the trade is looking for canola production to come in at 21.25 mmt compared to Statistics Canada's September estimate of 20.03 mmt. The high of the range is 22.1 mmt so anything above that may weigh heavily, especially given the lack of China purchases. The low of the range is 20.08 mmt so an increase is expected by everyone. For all wheat, traders are looking for 38.49 mmt on average compared to 36.62 in September. Similarly, oats, barley, peas and lentils are all expected to see an increased final production total compared to September estimates. Support for January canola at $640/mt failing in early trade may have added technical selling pressure with light news otherwise to offset it.

Soybeans and wheat are only marginally lower with the former giving up overnight gains on the lack of confirmation of the Reuters article suggesting at least 6 cargoes of U.S. soybeans were sold overnight to China. Wheat and, to a greater extent, corn are giving back some of Tuesday's gains that were based on Putin's threats against Ukraine and Europe as the trade seems to be dismissing them as just further rhetoric.

Energy markets remain mixed for the same reason with diesel lower while crude oil and gasoline maintain gains. Considering gasoline stocks were 4.5 million barrels higher on the week with distillate (diesel) stocks only 2.1 million barrels higher (and remaining 7% below the 5-year average), it could have been the other way around. Crude stocks were only .6 million barrels higher on the week, helping prices there.

On a related front, corn just received positive demand news with last week's ethanol production setting a record at 1.126 million barrels per day. Despite that, ethanol stocks only increased by .5 million barrels on the week. The price has not responded to the news yet but may by day's end.

In outside markets, Treasuries are now only marginally higher while equities have turned mixed. The U.S. dollar remains under pressure amid what appears to be a resumption in the downtrend that dominated the market for the first half of the year.

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