May canola is up $8.70/mt with July canola up $9.80/mt, July soybean oil is up 1.77 cents/pound, August European rapeseed is up 7.75 euro per mt and June Malaysian palm oil is up .38%. July oats are down 1 1/4 cents/bushel. May crude oil is up $2.25 per barrel with June crude oil up $2.43/barrel, May ULSD is up $.1085 per gallon, and the June Canadian dollar is up .00100 at .73125. The June U.S. Dollar Index is up .174 at 98.025 and the May Brazilian real is down .00050 at 0.19935.

Energy markets are gaining strength as midday nears with the U.S. signalling it will attempt to enforce the blockade on Iranian oil shipments in other locations throughout the world. Meanwhile, conflicting reports all suggest nothing of significance is occurring to end the effective closure of the Strait of Hormuz and an escalation may be required to move things along.

Such developments have combined with everything from drought, frost risk and fertilizer concerns for the winter wheat crop to seeding delays for row crops thanks to a wet forecast for the Midwest, inspiring additional gains in grain and oilseed markets. Kansas wheat continues to take the leadership role with it up sharply on the day.

In outside markets, Treasuries are quietly lower while equity markets have added to their overnight gains. The U.S. dollar continues to firm as optimism begins to fade for a resolution anytime soon.

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