March canola is down $2.30 per metric ton (mt), March soybean oil is down .30 cents/pound, May European rapeseed is down .50 euro per mt and February Malaysian palm oil is down .41%. March oats are up 1 1/2 cents/bushel. March crude oil is down $1.16 per barrel, March ULSD is down $.0421 per gallon, and the March Canadian dollar is up .00160 at .72640. The March U.S. Dollar Index is down .403 at 98.160 and the February Brazilian real is up .00085 at 0.18845.

Grain and oilseed markets are mixed as midday approaches with wheat the exception. Wheat markets are higher as one of the worst extreme cold weather events seen in decades is about to punish much of the U.S. Following the record high temperatures witnessed over the holidays, any area that misses out on the accompanying snowfall will likely experience significant winterkill. That said, wheat is like a weed in the way it has more lives than a cat, often yielding better after stress has added tillers. Given the historically low price and fund short position in the more actively traded Chicago wheat market, a bounce may be significant even if it is short-lived.

Agriculture and Agri-Food Canada released their January outlook on Wednesday, including their first look at 2026-27. More will come later but canola will likely draw the greatest attention. They are expecting a slight increase in area (to 22 million acres from 21.6 last year), a decrease in exports due to limited supplies that result from another increase in crush, leaving declining ending stocks (to 1.65 mmt from 2.75 mmt in 2025-26). All-wheat area is expected to be flat with barley likely higher.

Energy markets remain lower on profit-taking despite the extreme cold weather on its way, with the exception of natural gas which continues to trade sharply higher. That has weighed on the oilseed complex in early trade.

In outside markets, the U.S. dollar and Treasuries have come under pressure again with President Trump's remarks not well received at Davos. With declining global confidence in the administration, precious metals have turned sharply higher with silver setting another record at $95.885/ounce (compared to just $27.545 in April). Gold has not yet taken out its record set Wednesday but is challenging it. Despite that, equities are testing the highs of the day.

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