November canola is up $14.00/mt, December soybean oil is up .71 cents/pound, November European rapeseed is up 6.50 euro/mt and November Malaysian palm oil is up .66%. December oats are up 8 1/4 cents/bushel while November European corn is up 4.50 euros/mt. November crude oil is down $3.93/barrel, November ULSD is down $.1550/gallon, and the December Canadian dollar is down .00155 at .71610. The December U.S. Dollar Index is up .190 at 100.120, and the December Brazilian real is up .00145 at 0.19520.

Grain and oilseed markets are sharply higher, adding to overnight gains on a variety of bullish factors. Positive meetings between top officials in preparation for Thursday's visit to Washington by Xi Jinping is likely the most important, as optimism over the potential for new purchases increases. Corn prices are rallying as if traders suspect China may buy corn for the first time in years during the trip, with gains of as much as $.15/bushel seen on the day. Soybeans are no slouch either, up over $.22/bushel at times.

Adding to the strength in corn, canola and wheat is likely the massive weekend attack by Ukraine drones on Moscow's main oil refinery that is responsible for supplying 40% of the needs in the area. It is expected to take weeks (at least) to get it back online, highlighting Ukraine's resolve to inflict damage to Russia in an attempt to bring about peace. President Trump called President Zelenskyy on Sunday following the strike, urging him to avoid further attacks due to rising diesel prices with the latter formally responding Monday that Ukraine will not hold back until Russia proves that it does so first. All suggesting no end in sight to disruptions to Black Sea shipping for the foreseeable future, despite what Trump tried to suggest last week on social media.

And finally, stellar export inspections out Monday morning support the notion that Europe will be a very aggressive corn importer in the coming year (due to their drought).

Even a pullback in energy markets (for no apparent reason other than profit-taking) was not enough to dampen bullish enthusiasm in soybean oil and canola, with both of those trading higher.

Stocks and bonds are both enjoying a bounce as midday nears thanks to the pullback in energy markets. That said, the stubbornly high interest rates (with the U.S. 10-year remaining at 4.96%) are still supporting gains in the U.S. dollar.

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