March canola is up $2.30 per metric ton (mt), March soybean oil is down .17 cents/pound, May European rapeseed is up 4.00 euro per mt and April Malaysian palm oil is down .10%. March oats are up 4 3/4 cents/bushel. March crude oil is down $1.73 per barrel, March ULSD is down $.0753 per gallon, and the March Canadian dollar is down .00070 at .73230. The March U.S. Dollar Index is up .201 at 97.690 and the February Brazilian real is down .00020 at 0.18905.

Grain and oilseed markets are sharply higher as momentum traders appear to be buying into the sector. The interesting part of the morning's trade is there has been massive liquidation going on in cryptocurrencies with risk-off and margin-call related selling spilling over into equities, energies and precious metals -- especially silver. With many skeptical of China actually buying any significant amount of soybeans above the 12 mmt already purchased -- one must wonder if this is part of a major shift in fund allocation? Taking money out of theoretical assets like cryptocurrencies and putting it into those necessary for life, with a definite tangible value -- like food for example?

With that, canola is going along for the ride despite small losses in soybean oil and larger ones in the energy complex. Traders appear to have the November high of $670.70/mt in their sights.

Treasury markets are higher on weak employment data, between the higher jobless claims and the JOLTS report containing much lower job openings compared to expectations and last month. That may also be weighing on stocks as bad news may just be bad news.

Despite the lower interest rates, the U.S. dollar remains firm while energy markets are lower on profit-taking amid a lack of news out of talks with Iran.

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