May canola is up $1.20/mt, May soybean oil is up 1.12 cents/pound, May European rapeseed is down 1.25 euro per mt and April Malaysian palm oil is down .04%. May oats are up 1 1/2 cents/bushel. May crude oil is down $2.12 per barrel, May ULSD is down $.2472 per gallon, and the June Canadian dollar is down .00195 at .72685. The June U.S. Dollar Index is up .118 at 99.360 and the April Brazilian real is up .00135 at 0.19110.

Iran officially rejected U.S. attempts to negotiate a ceasefire, stating they want nothing less than an end to the war on their terms. The two sides couldn't be further apart, suggesting this is all simply part of a waiting process for increased U.S. military assets to arrive in the Middle East in time for an escalation. With Iran also demanding complete control of the Strait of Hormuz (even with an end to the war), there appears to be no end in sight to the blockade. Or the impact on fertilizer or fuel flows.

With that, energy markets have come well off their lows (still lower on the day due to hopes that this is all just part of a negotiation process). That has allowed most of the grains and oilseeds to recover and turn higher as midsession nears. Soybean oil in particular is strong thanks to optimism over imminent EPA announcements regarding biofuel mandates. A positive ethanol report didn't hurt either, with production up 23,000 barrels per day from last week and 5% higher than the same week last year.

In outside markets, stocks and bonds remain higher, also clinging to hope that the Iranian rejection was simply posturing. But well off their best levels in these cases as well. In the meantime, the U.S. dollar managed to turn higher on a flight-to-safety bid (it appears). That could be significant as it resulted in a rally off the 25-day and 100-day moving average for the currency.

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