January canola is up $6.60/mt, December soybean oil is up .15 cents/pound, February European rapeseed is up 2.25 euro/mt and January Malaysian palm oil is closed for holidays. December oats are down 3/4 cents/bushel while March European corn is down .25 euros/mt. December crude oil is down $3.01/barrel, December ULSD is down $.0625/gallon, and the December Canadian dollar is up .00005 at .70875. The December U.S. Dollar Index is down .449 at 101.730, and the December Brazilian real is down .00045 at 0.18050.

Grain and oilseed markets are mixed with most trading lower on the day ahead of Tuesday's WASDE update. As a reminder, pre-report estimates are expecting a small drop in corn yield (.9 bpa) while the soybean yield is likely to see a minor 0.4 bpa yield increase, not the 1.9 bpa jump that StoneX put out earlier last week (that weighed heavily on ag markets).

Canola is leading the vegetable oil markets higher, with Friday's recovery from long-term support inspiring some bargain hunting by the looks of it. It's worth repeating that the demand fundamentals remain quite bullish despite the selloff seen over the past two months. The CGC's grain statistics report for week 13 confirmed another strong period of canola exports at 284,900 mt, taking the 2026-27 crop year total to 2.208 mmt, up 785,000 mt or 55% from last year's level of 1.423 mmt. As a reminder, in its October update, AAFC suggested exports will have to fall by 1.256 mmt versus 2025-26 due to limited supply. Domestic crush is running 220,000 mt ahead of last year as well with increased crush capacity available now to pick up the pace even further.

In outside markets, energies remain under pressure amid conflicting reports over what to expect next regarding Iran. Treasury markets are quietly lower ahead of Tuesday's October CPI update with the slight increase in interest rates doing nothing to dampen the strong rally in stocks or the decline in the U.S. dollar.

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