November canola is up $16.70/mt, December soybean oil is up .86 cents/pound, November European rapeseed is up 6.50 euro/mt and November Malaysian palm oil is up .41%. December oats are down 1/2 cents/bushel while November European corn is down 2.50 euros/mt. November crude oil is down $1.06/barrel, November ULSD is down $.0026/gallon, and the December Canadian dollar is down .00110 at .70720. The December U.S. Dollar Index is up .299 at 101.225, and the December Brazilian real is down .00030 at 0.19125.

Grain and oilseed markets are mixed with canola being the strongest of the complex as buyers have been quick to take advantage of Monday's sharp selloff. Almost the entire loss was recovered in early trading when soybean oil rallied on spreading with soybean meal as the latter experiences profit taking at month's end following an impressive 6-week run.

Trading has been light with positioning ahead of Wednesday's Sept. 1 stocks report and month and quarter end appearing to be the primary driver. A much warmer and dryer extended forecast for the corn belt and Canadian Prairies is likely weighing on prices (other than canola it seems).

Energy markets are lower on profit taking despite conflicting reports of hope and threats of escalation with Iran while Ukraine continues to target Russian energy infrastructure. Interestingly enough, that has failed to provide relief for interest rates with treasuries and equities both turning lower, causing the U.S. 10-year note rate to surpass 5.28% compared to just 4.80% at the start of September. The action has inspired additional gains in the U.S. dollar.

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