July canola is up $8.40/mt with November canola up $8.50/mt, July soybean oil is up .17 cents/pound, August European rapeseed is up 9.25 euro per mt and August Malaysian palm oil is up .51%. July oats are up 3 cents/bushel. July crude oil is down $2.71 per barrel (from Friday), July ULSD is down $.1041 per gallon (from Friday), and the June Canadian dollar is up .00020 at .72500. The June U.S. Dollar Index is down .036 at 99.150 and the June Brazilian real is down .00020 at 0.19870.

Grain and oilseed prices continue to recover from initial losses seen to start the week thanks to the same occurring in energy markets. Optimism is fading that there will be any improvement in the Iran war situation anytime soon following the recent escalation of military exchanges. That has helped canola and soybean oil the most with the latter now up .23% on the week.

Another week of strong export inspections likely helped with corn export inspections hitting 1.582 mmt compared to estimates of 1.1 to 1.7 mmt. Soybeans exceeded estimates of 350,000 to 550,000 mt by coming in at 572,000 mt while wheat was more in line with expectations at 368,000 mt (versus estimates of 300,000 to 500,000 mt).

Outside markets continue to pull back from initial reaction levels seen to start the week. Stocks and bonds both remain higher but well off their best levels while energy markets and the U.S. dollar continue to recover from their worst losses that were posted on Monday.

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