November canola is up $4.10 per metric ton (mt), Dec soybean oil is up .18 cents per pound, February European rapeseed is up 1.75 euros per mt and December Malaysian palm oil is closed. Dec oats are up 3 1/2 cents per bushel. November crude oil is down $.68 per barrel, November ULSD is down $.0018 per gallon, and the December Canadian dollar is down .00070 at .71470. The December U.S. Dollar Index is up .073 at 98.265 and the November Brazilian real is up .00130 at 0.18565.

Excellent weekly export inspections (especially considering the absence of China from the soybean market) helped to confirm what cash markets have been indicating -- export interest remains strong amid the government shutdown.

Soybean inspections came in above the highest estimate at 1.474 mmt compared to 1.074 mmt last week. The comparable week last year was noticeably higher at 2.55 mmt when China was taking their traditional fall allotment of the oilseed. Monday's total does show strong demand from non-China Asian importers which may simply change the distribution of the shipping schedule. Time will tell.

Corn inspections of 1.318 mmt were in the middle of the range of estimates, ahead of last weeks 1.21 mmt and well above last year's 1.00 mmt. That puts exports at 61% ahead of last year while the USDA expects it to end roughly 5% higher for the full marketing year.

Wheat inspections came in near the top end of the range as well at 481,000 mt compared to 447,500 mt last week and only 270,600 mt last year. That puts exports ahead of last year by 20% while the USDA expects the annual increase to be only 9%.

The confirmation of strong export interest has helped soybeans return to near-session highs with optimism around talks with China remaining. Soybean oil and canola have joined in with the soybean oil/meal spread having less of an impact.

Cattle markets are cautiously higher as traders sift through the data to find Argentina doesn't have the excess capacity to ship enough additional beef to the U.S. to have a meaningful impact on the market, despite what President Trump suggested Sunday.

In outside markets, the wild swings in the price of gold continues with the precious metal now up over $150/ounce. That followed a key reversal lower on Friday that often marks a market top. As a word of caution, such volatility could have the potential to spill over into other markets with liquidation of large positions, long or short, being the greatest risk as investor confidence wanes. In the meantime, Treasury, energy and currency markets are all oddly mixed in quiet trade. The equity markets remain strong.

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