March canola is up $2.60 per metric ton (mt), with May canola also up $2.60/mt. May soybean oil is up 1.18 cents/pound, May European rapeseed is up 2.50 euros per mt and April Malaysian palm oil is closed. May oats are up 7 1/4 cents/bushel. March crude oil is up $2.39 per barrel, March ULSD is up $0.0877 per gallon, and the March Canadian dollar is down 0.00210 at 0.73210. The March U.S. Dollar Index is up 0.350 at 97.410 and the March Brazilian real is up 0.00060 at 0.19135.

We made a new canola sale recommendation Wednesday morning for those that missed it -- not because we have abandoned our long-term view that the market has bottomed and further gains are likely yet, but as part of a disciplined marketing strategy that rewards rallies. A $100/mt gain in the nearby active contract in the past two months along with a $20/mt improvement in basis at a time when the market is somewhat overbought and due for a correction, has butted up against resistance around $680/mt and has finally filled a gap down remaining since Aug. 28, all suggesting a pullback could be seen soon –- prompted us to reward the nearly $3/bushel rally. Regardless, we still have 80% of the 2025 production to price incrementally into additional rallies.

Otherwise, the big story of the morning is the surging energy markets. Crude oil is up over $2.30/barrel, with it becoming increasingly clear that an attack on Iran by Israel and the U.S. may be near. Within days, according to Israeli officials, the military asset buildup is backing up such rumors. That, along with word that the EPA is expected to submit the final blending mandate proposal to the White House this week, has soybean oil trading near record highs and canola maintaining its gains on the day. Soybeans and corn have backed off from their overnight highs, but wheat markets remain close to theirs.

The USDA Agricultural Outlook Forum data dump will be available at 6 a.m. CST Thursday, so look for an initial reaction from Chris Clayton with DTN/Progressive Farmer shortly thereafter.

Outside markets are mixed, with treasuries remaining under mild pressure while equities have significantly added to overnight gains. The U.S. dollar is at its high of the session, along with precious metals, in an apparent flight to safety.

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