November canola is down $6.90/mt after making new contract highs overnight, December soybean oil is down 0.63 cents/pound, November European rapeseed is down 12.00 euro/mt and September Malaysian palm oil is up 0.25%. December oats are up 1/4 cents/bushel while November European corn is down 2.25 euros/mt at new contract highs. September crude oil is down $3.60/barrel, September ULSD is down $0.1247/gallon, and the September Canadian dollar is down .00045 at .71165. The September U.S. Dollar Index is down .101 at 101.185 and the August Brazilian real is up .00110 at 0.19715.

Nothing like adversity to show what you are truly made of, and Friday morning's sharp reversal lower (in corn, wheat and canola in particular) was quite a challenge to the bulls' resolve. It turns out, in corn at least, they are more than just timidly buying. A nearly $.13/bushel break in corn from the overnight high was quickly taken advantage of with prices back to being up on the day for a while. Canola has had a $26.90/mt range on the day so only being down $6.90/mt is an accomplishment.

The break was triggered by a report suggesting that Ukraine and Russia are considering two options to resume exports out of the former's port of Odessa. Either have ships notify both countries prior to arrival of their plans to avoid mistakenly being targeted or have multiple short ceasefire windows to allow for shipping to resume safely. Given the quick recovery in most markets, traders appear very skeptical and for good reason, the suggestion only helps Ukraine and global importers but not Russia. It does however suggest efforts are being made to have Black Sea area exports resumed as quickly as possible.

With that, grains and oilseeds are mixed with soybeans and soybean meal strong on weather concerns while soybean oil and canola are under pressure from the Ukraine export attempts (for canola), unwinding of spreads with soybean meal (for soybean oil) and a sharp pullback in energy markets (for both).

Energy prices are retreating aggressively with no new developments. Netanyahu is reportedly traveling to Washington on Monday for Lindsey Graham's funeral and will meet with Trump while there. The market appears to be taking that as a sign that no meaningful escalation will occur in the meantime, allowing for some profit taking by the bulls.

With the lower energy markets, stocks and bonds are both higher while the U.S. dollar drifts lower.

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