March canola is up $2.80 per metric ton (mt), with May canola also up $2.50/mt. May soybean oil is up 0.67 cents/pound, May European rapeseed is up 3.75 euros per mt and April Malaysian palm oil is up 0.32%. May oats are up 3 1/4 cents/bushel. March crude oil is up $1.51 per barrel, March ULSD is up $0.0551 per gallon, and the March Canadian dollar is up 0.00065 at 0.73155. The March U.S. Dollar Index is up 0.164 at 97.785 and the March Brazilian real is up 0.00070 at 0.19105.

Soybean oil is leading oilseed markets higher following bullish details released at the Ag Outlook Forum regarding biofuel use. Soybean oil used in biofuel production is expected to jump to 17.3 billion pounds in 2026-27 from 14.8 billion in 2025-26 and a whopping 47% above the 11.758 billion pounds used in 2024-25, assuming the blending mandates are increased as expected. That represents a huge increase over just a few years as the U.S. works towards weaning itself off soybean export market dependence -- and rightfully so. It also provides strong underlying support for soybean oil and canola over the year to come. See more in the related post at https://www.dtnpf.com/….

Wheat markets are strong as well, with technical buying likely supporting gains after the impressive rally off of 25-day moving averages. Dry forecasts for the U.S. Southern Plains and continued attacks on Ukraine export facilities provide good fundamental support. The huge managed money trader net short position is likely being pared back, with buying by that group likely behind some of the strength.

Otherwise, the big story of the morning continues to be surging energy markets. Crude oil is up over $1.40/barrel, with it becoming increasingly clear that an attack on Iran by Israel and the U.S. may be near. Within days, according to Israeli officials, the military asset buildup is backing up such rumors.

Outside markets are relatively quiet with treasuries and equities remaining lower on the day while the U.S. dollar holds small gains. Precious metals have now turned higher with concerns over Middle East tensions likely helping.

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