May canola is down $13.80/mt, May soybean oil is down 2.25 cents/pound, May European rapeseed is down 10.50 euro per mt and June Malaysian palm oil is up .50%. May oats are down 6 1/2 cents/bushel. May crude oil is down $17.97 per barrel, May ULSD is down $.6464 per gallon, and the June Canadian dollar is up .00265 at .72405. The June U.S. Dollar Index is down 1.072 at 98.610 and the May Brazilian real is up .00295 at 0.19550.

Reports suggest Iran has already cut off any movement through the Strait of Hormuz (before it even started) in response to Israeli attacks on Lebanon. Something Israel insists it will continue to do despite Iran's demands that it stops as part of the ceasefire agreement.

Despite that, the fragile nature of the agreement, the IRGC already attacking the UAE, Qatar, Kuwait, Israel and the East-West pipeline in Saudi Arabia (since the agreement was announced), and most statements emerging so far from the Trump administration being contradictory to the 10-point demands from Iran -- momentum continues to push markets as if the ceasefire will hold.

Energy markets are sharply lower (but off session lows), stocks and bonds remain sharply higher, and the U.S. dollar continues to trade sharply lower.

Grain and oilseed markets don't seem to know for sure how to deal with it all as soybeans and soybean meal hold onto slight gains while soybean oil and canola trade sharply lower (along with energy market losses). Corn remains under pressure despite a strong ethanol production report just released and no end in sight for the fertilizer supply concerns.

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