March canola is up $4.90 per metric ton (mt), with May canola up $4.90/mt, March soybean oil is up 0.15 cents/pound, May European rapeseed is up 4.50 euros per mt and April Malaysian palm oil is up 0.17%. March oats are up 3/4 cents/bushel. March crude oil is down $1.80 per barrel, March ULSD is down $0.0605 per gallon, and the March Canadian dollar is down 0.00335 at 0.73490. The March U.S. Dollar Index is up 0.114 at 96.835 and the March Brazilian real is down 0.00045 at 0.19185.

Grain and oilseed markets have maintained overnight gains, even adding to them in some cases. Soybean oil and canola have joined in with a new record high for the former and the latter testing November highs. The May canola contract has been within $.50/mt of the November high and within $0.60/mt of filling a gap down that remained from Aug. 28. Word that China has extended its canola anti-dumping investigation to March 9 with it expecting to issue a "fair and final ruling" following has traders optimistic of a positive outcome (based on market reaction at least).

Corn has held its gains with the weekly export sales exceeding 2 mmt again likely helping. Low prices certainly seem to be trying to cure low prices, considering the exceptional ethanol and export demand. Wheat remaining near its highs of the day likely helps (with that presumably coming from short covering).

Outside markets are somewhat concerning as equities, precious metals and energies have sold off sharply just recently, while treasuries and the U.S. dollar have rallied –- all for no apparent reason. Caution ahead of Friday's CPI update is being cited, but that's a stretch considering the sudden surge in volatility. Depending on what is behind the sudden moves, it may impact ag markets before the close.

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