July canola is down $1.60/mt with November canola down $1.30/mt, July soybean oil is up .44 cents/pound, August European rapeseed is up .25 euro per mt and August Malaysian palm oil is down .22%. July oats are up 3 1/2 cents/bushel. July crude oil is down $4.41 per barrel, July ULSD is down $.0909 per gallon, and the June Canadian dollar is up .00010 at .71685. The June U.S. Dollar Index is down .164 at 99.860 and the July Brazilian real is up .00040 at 0.19220.

Grain and oilseed markets remain mixed although soybean oil has rallied throughout the morning, helping canola to turn higher for a period. That would remain a very positive technical sign as a rally off support at old resistance following a breakup from a saucer bottom formation would be a significant development. Corn and wheat have maintained gains throughout the morning on somewhat disappointing crop conditions and bargain hunting.

Energy markets have weakened further as the market takes the recent events between Israel and Iran, and Trump's response to them, as proof that he is ready to do whatever it takes to get a resolution. It is still unclear how that would happen without conceding to Iran, which neighboring countries would presumably have an issue with. Regardless, for now the market is weak on the potential.

Outside markets are showing signs of instability as serious selling pressure has returned to the stock market, despite the weakness in energy prices. Treasuries remain mixed amid the conflicting signals and the U.S. dollar has recovered much of its overnight losses as if there is a bit of a flight-to-safety bid re-emerging.

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