July canola is up $16.30/mt with November canola up $13.70/mt, July soybean oil is down .07 cents/pound, August European rapeseed is down .75 euro per mt and July Malaysian palm oil is down .04%. July oats are up 8 1/4 cents/bushel. July crude oil is down $.77 per barrel, July ULSD is down $.0051 per gallon, and the June Canadian dollar is down .00075 at .72735. The June U.S. dollar index is up .215 at 99.320 and the May Brazilian real is down .00135 at 0.19745.

Canola added to overnight gains in early trade with the gaps higher remaining, a bullish technical sign, especially for the November contract that confirmed a rally off its 25-day moving average with the gap up.

The remainder of the grain and oilseed markets have turned mixed following Monday's strong rally thanks to energy prices remaining under pressure. The pullback for the latter seems to be from a lack of buying while traders await further developments rather than any kind of aggressive selling pressure. Which makes sense given the continued threats for a military escalation against Iran in the next few days (or early next week).

With concerns over stagflation growing, stocks and bonds are both extending early losses with interest rates nearing 4.69% (for the U.S. 10-year treasury note) for the first time in over a year. That has helped the U.S. dollar extend gains, coming very close to filling the gap lower that was left following the surprise ceasefire announcement on April 7.

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