May canola is up $9.10/mt with July canola up $10.00/mt, July soybean oil is up 2.24 cents/pound, August European rapeseed is up 7.75 euro per mt and July Malaysian palm oil is up .97%. July oats are up 1 1/4 cents/bushel. May crude oil expired up $3.59 per barrel with June crude oil up $2.18 per barrel, May ULSD is up $.1216 per gallon, and the June Canadian dollar is down .00015 at .73460. The June U.S. Dollar Index is up .248 at 98.155 and the May Brazilian real is up .00025 at 0.20085.

In the fading hours of the ceasefire, it appears by most reports that Iran is not willing to take part in talks, and that Vice President Vance will not be traveling to Pakistan either. With that, energy markets are rallying on the increasing likelihood of an escalation.

The developments have contributed to additional grain and oilseed market gains as the morning has progressed. Soybean oil and canola are the greatest beneficiaries with the former clearly breaking out of an ascending triangle on the upside. That has helped the latter (canola) break up and out of its recent range, recording a second day of strong gains.

Soybeans are following suit with good gains inspired by the strong crush margins that the soybean oil rally allows, while corn and wheat are more cautiously higher. Despite the implications for an ongoing halt to fertilizer traffic through the Strait of Hormuz.

Outside markets are showing signs of concern with both stocks and bonds trading lower while the U.S. dollar has added to overnight gains.

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