July canola is up $5.60 per metric ton (mt), July soybean oil is up 1.02 cents per pound, August European rapeseed is up 8.50 euros per mt and July Malaysian palm oil is up .92%. July oats are down 6 cents per bushel. June crude oil is up $1.55 per barrel, June ULSD is up $.0397 per gallon, and the June Canadian dollar is up .00140 at .71725. The U.S. Dollar Index is down .644 at 100.955 and the Brazilian real is up .00280 at 0.17765.

Canola has recovered nicely from an overnight selloff thanks to an extension of gains in soybean oil and bullish internal fundamentals. Technically speaking, the potential divergence top formation remains a risk with a solid close over Monday's high of $724.20 needed to negate it.

Soybean oil has just surpassed Monday's highs with a challenge of the April high of 51.13 looking quite likely. It continues to extend Monday's gains on word that the biofuel blending mandate is being finalized. Adding to that, USDA tried to maintain their 2024-25 pipeline ending stocks estimate by offsetting another increase in exports and a cut to imports with a reduction to biofuel use (understandable given the time taken to get the credits sorted out). The 2024-25 annual export estimate now stands at 2.4 billion pounds after starting out at 600 million pounds.

Corn is trying to recover from an early morning break as funds continue to push their seasonal selling theme, regardless of bullish data from the USDA. See more at https://www.dtnpf.com/…. Wheat markets have reversed higher on the first signs of potential short-covering.

In outside markets, the U.S. dollar and Treasuries remain lower on the day following a cooler-than-expected CPI report while equities and energies are higher.

(c) Copyright 2025 DTN, LLC. All rights reserved.