July canola is up $9.20/mt with November canola up $7.50/mt, July soybean oil is up .18 cents/pound, August European rapeseed is up 1.25 euro per mt and August Malaysian palm oil is up .27%. July oats are down 3 3/4 cents/bushel. July crude oil is up $2.95 per barrel, July ULSD is up $.0350 per gallon, and the June Canadian dollar is down .00225 at .72590. The June U.S. Dollar Index is up .386 at 99.400 and the June Brazilian real is down .00005 at 0.19940.

Grain and oilseed markets have generally recovered from overnight weakness with strong energy markets helping. Conflicting reports out of Iran regarding who has authority to speak for the country do not seem to be reassuring to traders with energy prices near their highs of the day as more of the same seems to be the most likely outcome.

Exceptional corn export sales announced Thursday morning helped that market fully recover and turn higher on the day. With 2.125 mmt in net corn sales during the week ending May 14 (or 83.7 million bushels), total corn export commitments have already reached a record setting 3.144 billion bushels (bb). That compares to USDA's annual projection of 3.300 bb for the marketing year ending Aug. 31, suggesting revisions higher could be coming in future WASDE updates.

Seeding delays appear to be supporting the canola market with it displaying relative strength as midday nears. Canola crush margins remaining near record levels won't be hurting demand either. With that, it is appearing more all the time like a rally off Monday evening's gaps without filling them will be the result, a very positive technical sign that may be feeding on itself.

In outside markets, stocks and bonds are both lower after being disappointed yet again regarding progress towards an opening of the Strait of Hormuz. That has helped the U.S. dollar recover from Wednesday's losses.

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