January canola is down $10.20/mt, December soybean oil is down 1.09 cents/pound, February European rapeseed is up 1.50 euro/mt and January Malaysian palm oil is down .21%. December oats are down 2 1/4 cents/bushel while March European corn is up .25 euros/mt. December crude oil is up $2.68/barrel, December ULSD is up $.1405/gallon, and the December Canadian dollar is down .00090 at .71610. The December U.S. Dollar Index is down .045 at 101.380, and the December Brazilian real is down .00035 at 0.18170.

A sharp selloff in stocks led by the tech-heavy NASDAQ has so far failed to make much of an impact on grain and oilseed prices. At one point, the NASDAQ was down by over 6% on the day as AI-related anxiety continues to grow following the election. That did inspire buying in treasuries on a flight-to-safety with the 10-year note yield falling as low as 4.82% after reaching a 24-year high of 5.34% just a few weeks ago. With the declining interest rate, the U.S. dollar slipped lower on the day with that providing slight support for ag markets.

Meanwhile, energy prices continue to add to their recovery from Wednesday's washout as it becomes increasingly likely that Trump will launch a significant attack prior to being potentially restrained by Democratic control of the House and Senate beginning January 3. It's also worth repeating that the EIA reported a surprising 3.6-million-barrel drawdown in distillate stocks on Wednesday, taking inventories below 100 million barrels for the first time since May 2003. For reference, in September 2020, distillate stocks peaked at just over 179 million barrels. Yet the diesel price fell over $.36/gallon at one point on Wednesday alone, weighing on vegetable oil markets at the time. But today's bounce has failed to inspire any strength in soybean oil or canola so far with those remaining the weakest of the ag markets.

Wheat is the strongest of the ag markets on what is likely short covering given the size of the fund short position and the likelihood that they are reducing risk across the board. With the group remaining long most of the other ag markets, liquidation on their part is providing a headwind across the board, albeit much less so than in the tech sector.

(c) Copyright 2026 DTN, LLC. All rights reserved.