November canola is up $3.70 per metric ton (mt), Dec soybean oil is down .16 cents per pound, August European rapeseed is down .75 euros per mt and August Malaysian palm oil is down .17%. Dec oats are up 1/4 cents per bushel. August crude oil is down $1.68 per barrel, August ULSD is down $.0363 per gallon, and the Sept Canadian dollar is up .00050 at .73325. The U.S. Dollar Index is up .181 at 97.390 and the Brazilian real is down .00165 at 0.17965.

Canola is maintaining slight gains despite soybean oil dipping into the red and crude oil turning lower. It appears traders are still trying to determine if the 6- to 10-day forecasts for cooler temperatures during flowering are going to be helpful or not considering the drought stress and late stage of relief from the heat. With soybean oil remaining well above its gap higher from mid-June, it would be reasonable to assume both pullbacks will be used as buying opportunities by those that want or need to. Maybe once the USDA report is out of the way.

The rest of the grain and oilseed markets have turned mixed in quiet trading ahead of Friday's WASDE update.

In outside markets, crude oil is under pressure with the only news being concern over tariff impacts on the economy and Wednesday's surprise inventory build -- so nothing new, simply a delayed reaction it seems. Crude oil inventories rose 7.1-million-barrels on the week compared to expectation of a 1.5-million-barrel decline.

Equities are mixed with treasury markets turning back lower on the day. The U.S. dollar has recovered from early losses and has tried to test the 25-day moving average again, still retreating so far.

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