March canola is down $7.80 per metric ton (mt), March soybean oil is down 0.04 cents/pound, May European rapeseed is down 1.25 euros per mt and April Malaysian palm oil is up 0.15%. March oats are up 4 1/4 cents/bushel. March crude oil is up $1.18 per barrel, March ULSD is up $.0618 per gallon, and the March Canadian dollar is down 0.00185 at 0.73765. The March U.S. Dollar Index is up 0.075 at 96.750 and the March Brazilian real is up 0.00115 at 0.19265.

Oilseed markets are lower going into midday, with soybean and canola losses increasing on profit taking, while soybean oil has remained quite resilient thanks to strength remaining in energy markets. The latter is most likely due to concerns about the Middle East, given the EIA weekly inventory report contained a crude oil build of 8.5 million barrels when a small draw had been expected. Gasoline stocks were slightly higher (as expected) while distillate stocks (diesel and heating oil) fell more than estimated.

Corn remains slightly lower despite a strong ethanol production report and a 230,560 mt corn flash sale announcement earlier. Ethanol production rebounded from last week's weather-impacted decline, with 1.11 million barrels per day setting a record for February and coming in 2.3% higher than last year's level.

A much stronger-than-expected January payroll report impacted outside markets, with treasuries retreating from their 100-day moving averages on the (implied) lack of need for further interest rate cuts. Equities gave up most of their overnight gains and the U.S. dollar recovered from earlier losses on the news. Precious metals remain firm, most likely on increased geopolitical risks.

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