November canola is only down $1.00/mt, December soybean oil is down .93 cents/pound, November European rapeseed is down 3.25 euro/mt and November Malaysian palm oil is up .14%. December oats are down 12 3/4 cents/bushel while November European corn is down 5.00 euros/mt. October crude oil is up $.61/barrel, October ULSD is down $.0540/gallon, and the September Canadian dollar is up .00280 at .72565. The September U.S. dollar index is down .577 at 98.975, and the September Brazilian real is up .00005 at 0.19455.

It has been a very unusual morning with it being hard to pin down what exactly is behind the volatility. The Japanese yen is soaring on what is likely currency intervention by the U.S. given the American dollar being sharply lower in response. Whether that is behind it or not, stocks are soaring while bonds and energies have barely moved from overnight levels. Yet gold is up nearly $140/ounce and cattle markets are sharply higher.

In the meantime, grain and oilseed markets have seen another impressive recovery from sharply lower overnight levels with soybeans and soybean meal higher as midday nears. Canola is not far off (from turning positive on the day) with corn losses nearly cut in half as dip buying continues to be the dominant strategy (it appears). That should not be surprising given the fact Putin will still want peace on Russia's terms, which Europe and Ukraine will not stand for.

Strong demand continues to provide underlying strength with another 192,000 million tons soybean sale to China announced Thursday morning. That was in addition to another impressive week as detailed out in the export sales report with both new-crop corn and soybean sales approaching 2 million metric tons.

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