May canola is up $.70/mt, May soybean oil is down .18 cents/pound, May European rapeseed is up 4.50 euro per mt and April Malaysian palm oil is up .15%. May oats are down 1 cent/bushel. April crude oil is up $5.51 per barrel, April ULSD is up $.1030 per gallon, and the March Canadian dollar is up .00050 at .73685. The March U.S. Dollar Index is up .096 at 99.075 and the March Brazilian real is up .00165 at 0.19045.

Dramatic reversals have been seen across virtually all markets Monday morning with little clear reason for it, other than profit-taking triggered by the extreme moves seen overnight. Gaps have now been filled in all markets other than crude oil, gasoline and European rapeseed. So far at least. As a side note, cattle markets have not filled their gaps lower yet but that is more related to a potential JBS packer strike in Colorado. The rest of the reversals come despite word that G7 countries have decided not to tap into their respective strategic petroleum reserves yet. Instead, agreeing to take more time to analyze the implications of such a move.

With that, most grain and oilseed markets are slightly lower on the day with the exception of canola and European rapeseed. Considering the lack of an off-ramp to de-escalate the situation in the Middle East, it's hard to imagine there not being increased pressure to get biofuel use increased as soon as possible.

In outside markets, equities and Treasuries were able to recover from most of their overnight losses with the Nasdaq close to turning positive on the day while the 30-year bond already has. Meanwhile the U.S. dollar has given up most of its gains while precious metals have turned mixed.

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