May canola is up $8.70/mt, May soybean oil is up .55 cents/pound, May European rapeseed is up 1.00 euro per mt and June Malaysian palm oil is up .71%. May oats are up 2 cents/bushel. May crude oil is up $6.07 per barrel, May ULSD is up $.1524 per gallon, and the June Canadian dollar is up .00240 at .72620. The June U.S. Dollar Index is down .350 at 98.575 and the May Brazilian real is up .00170 at 0.19635.

Energy markets are sharply higher going into midsession with it appearing more likely all the time that the fragile ceasefire agreement will eventually fail. Even now, tanker traffic through the Strait of Hormuz remains at a standstill (other than a few Iranian related vessels passing). The latest confirmation comes from the insurance industry that has not seen any uptick in requests for coverage that should be acquired prior to any attempt to pass through the Strait.

Going into the WASDE update, grain and oilseed markets have turned mixed with the oilseed complex higher, led by strong gains in soybean oil and canola. Grain markets have backed off with corn and wheat both lower going into the report.

In outside markets, stocks and bonds are both quietly lower despite the inflationary pressures of a strong recovery in energy prices. The U.S. dollar remains under pressure with it unclear why at this point. With interest rates rising and the risks of the ceasefire failing on the rise, it should be supported. Weakness during bullish developments is considered a bearish sign. Something to keep an eye on.

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