July canola is up $7.90/mt with November canola up $8.20/mt, July soybean oil is up .89 cents/pound, August European rapeseed is up 5.75 euro per mt and July Malaysian palm oil is up .27%. July oats are up 4 1/4 cents/bushel. June crude oil is up $3.37 per barrel, June ULSD is up $.1209 per gallon, and the June Canadian dollar is down .00225 at .73020. The June US dollar index is up .451 at 98.275 and the May Brazilian real is down .00055 at 0.20285.

Higher-for-longer energy price prospects (thanks to the standoff) remains as the theme of the day, supporting ag markets and pressuring stocks and bonds. A hotter-than-expected CPI report out Tuesday morning added to inflation concerns (with it already expected to be hot). April headline CPI came out at 3.8% versus 3.7% expected and 3.3% last month, contributing to stocks and bonds trading near their lows of the day. The higher interest rates that resulted (with even higher expected to come) helped the U.S. dollar retain its early gains.

Wheat markets are extending their rallies ahead of the WASDE report thanks to the poorer-than-expected crop conditions. The breakaway gaps remaining from Monday evening's opening may be a target on any disappointment over the WASDE details, but more than likely will remain and mark the beginning of the next leg higher.

In the meantime, soybean oil and canola are extending their gains thanks to the strong diesel market with corn and soybeans both strong ahead of the USDA reports and Trump's trip to China.

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