January canola is up $12.60 per metric ton (mt), March canola is up $10.60 per metric ton (mt), March soybean oil is up .63 cents/pound, February European rapeseed is down 1.00 euro per mt and February Malaysian palm oil is down .02%. March oats are up 5 1/2 cents/bushel. February crude oil is down $.08 per barrel, February ULSD is down $.0194 per gallon, and the March Canadian dollar is up .00080 at .73380. The March U.S. Dollar Index is up .037 at 97.650 and the January Brazilian real is up .00050 at 0.18085.

Grain and oilseed markets are building on overnight gains as bargain hunting and short-covering accelerates after the December selling by funds clearly got carried away. One of the most encouraging signs for canola going into the holiday break is its ability to shrug off Tuesday's selling and attract additional buying. A stronger soybean complex helps with that despite small declines in energy markets.

The USDA is closed for newly declared Federal holidays on Dec. 24 and 26 in observance of Christmas. As such, no new export sales announcements will be made until Monday. Meanwhile, grain and oilseed markets will close at 12:05 p.m. CST Wednesday with no evening session Thursday. Regular hours will be observed Friday once trading resumes at 8:30 a.m. CST, with the exception of canola that is closed for Boxing Day. With that, there will be no DTN Plains, Prairies commentary on Friday.

In outside markets, stocks, bonds and the U.S. dollar are all quietly higher in thin trading.

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