November canola is up $5.80/mt, December soybean oil is up 1.12 cents/pound, November European rapeseed is up 0.75 euro/mt and November Malaysian palm oil is up 1.11%. December oats are up 5 3/4 cents/bushel while November European corn is up 0.75 euro/mt. October crude oil is up $5.29/barrel, October ULSD is up $0.2268/gallon, and the September Canadian dollar is down 0.00050 at 0.72405. The September U.S. Dollar Index is up 0.110 at 98.920, and the September Brazilian real is up 0.00040 at 0.19520.

A surge higher in crude oil became too much for grain and oilseed markets to ignore, with aggressive buying spilling over into the complex ahead of the WASDE update Friday morning.

Crude oil rallied over $5/barrel, taking the October contract over $100/barrel for the first time. Not to be outdone, diesel rallied over $0.22/gallon today alone, taking the futures over $5/gallon for the first time in history. The problem is that traders are finally resigning themselves to the likelihood that there will be no end to the war until at least after the midterm elections.

Another flash soybean sales announcement to start the day was the final straw with traders, pushing November soybeans up into new contract highs as a result. 272,000 mt was sold to China and another 206,500 mt to unknown (presumably China), with a Reuters report suggesting that they have purchased about 1 mmt this week ahead of Xi Jinping's visit to the U.S. later this month.

A high tide lifts all boats (as the saying goes) and solid buying interest has been seen throughout the ag markets.

Outside markets are having a volatile day of their own, with the impact of inflation and concern over the U.S. Treasury's decision to try to manipulate interest rates becoming too much to bear. With that, Treasury prices have fallen to multi-year lows with the U.S. 10-year note topping out just over 4.92% for the first time since November 2023. Stocks are under pressure as a result, with the U.S. dollar holding on to only minor gains. Given everything going on, the dollar should be much stronger which can often be a warning sign of weakness to come. Time will tell.

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