November canola is up $18.00/mt, December soybean oil is up 2.08 cents/pound, November European rapeseed is up 6.00 euros/mt and November Malaysian palm oil is up 1.62%. December oats are up 13 cents/bushel while November European corn is up 4.50 euros/mt, setting new contract highs. October crude oil is down $0.46/barrel, October ULSD is up $0.0621/gallon, and the September Canadian dollar is down 0.00195 at 0.72020. The September U.S. Dollar Index is up 0.413 at 99.505 and the September Brazilian real is down 0.00185 at 0.19170.

Grain and oilseed markets remain sharply higher, with the soybean complex and wheat competing for the leadership role. Strong demand has helped soybeans mark another new contract high, with flash sales announcements Friday morning of 408,000 mt to China and unknown (likely China) plus 200,000 mt in sales of soybean cake and meal to Germany and the Netherlands. Wheat set new contract highs on the continued escalation of the war between Russia and Ukraine.

The rumor mill must be tilting in the bulls' favor regarding the EPA small refinery exemption rulings that are due out by Monday, given the price surge seen in soybean oil and canola. Nothing official has been released yet.

The Jackson Hole speech by Fed Chairman Kevin Warsh was deemed hawkish initially by the media for reinforcing the message that the Fed will stay focused on its 2% inflation target, increasing the odds of a September rate hike. But Treasuries have been selling off as traders react to the fact that he still said a lot but indicated nothing for rate hikes. In fact, he did leave hints that they won't act if they are confident the data is improving. Something those hurt by inflation don't really want to hear. With that, stocks are mixed while the U.S. dollar continues to rally on the initial idea that the speech was hawkish.

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