November canola is down $9.90/mt, December soybean oil is down 0.93 cents/pound, November European rapeseed is down 1.75 euros/mt and November Malaysian palm oil is up 0.52%. December oats are down 7 3/4 cents/bushel while November European corn is up 5.00 euros/mt, setting new contract highs yet again. October crude oil is up $0.48/barrel, October ULSD is up $0.0258/gallon, and the September Canadian dollar is up 0.00240 at 0.72260 after the BOC left overnight interest rates unchanged at 2.25%. The September U.S. Dollar Index is down 0.157 at 99.480, and the September Brazilian real is up 0.00160 at 0.19455.

Grain and oilseed markets have seen another impressive recovery from sharply lower overnight levels with corn, soybeans and wheat all higher as midday nears. The opening comments for corn turned out to be worth repeating given the market was down $0.09/bushel at the time and is now $0.03/bushel higher -- "The retreat from $5.50/bushel long-term resistance could begin a consolidation period given how overbought the market is. That said, if we are indeed in a commercial bull market as outlined in Thursday's blog, expect corrections to be shallow and spikes to be aggressive." That was indeed a quick correction, with prices back up to testing $5.50/bushel resistance already.

Soybean oil and canola have not been as strong, with those only able to recover part of their overnight losses following Tuesday's surge. The nearly $29/mt rally in canola may have been a bit overdone by the looks of today's trading.

Energy markets have also recovered from early weakness that was inspired by Venezuelan oil development news given the fact those additional supplies would be years out, assuming plans go well. Meanwhile, the EIA weekly inventory report reminded traders that there are problems with supply now. Crude oil inventories (excluding the SPR) fell by a much greater-than-expected 4.5 million barrels for the week when a 300,000-barrel drawdown was anticipated. Strategic Petroleum Reserve (SPR) levels fell by an additional 3.1 million barrels, taking those down to 286.6 million barrels -- well below the 300-million-barrel level considered a bare minimum by many for the safety of the storage caves.

Despite the rebound in energy prices, stocks remain sharply higher with bonds mixed while the U.S. dollar has turned lower.

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