July canola is down $11.60/mt with November canola down $11.80/mt, July soybean oil is down 2.11 cents/pound, August European rapeseed is down 11.25 euro per mt and August Malaysian palm oil is down .93%. July oats are down 10 cents/bushel. July crude oil is down $2.92 per barrel, July ULSD is down $.1608 per gallon, and the June Canadian dollar is down .00015 at .71985. The June U.S. Dollar Index is down .185 at 99.320 and the July Brazilian real is up .00065 at 0.19640.

Grain and oilseed markets are sharply lower as midday nears with it appearing to be more momentum and margin call related selling now than anything fundamental. $.30/bushel losses in soybeans (on the day) and $.09/bushel losses for corn following a $.50/bushel break in the past 10 trading sessions is hard to justify fundamentally (or technically for that matter), with extremely oversold conditions likely to lead to a short-covering rally at any time.

Canola and soybean oil have finally succumbed to the surrounding selling pressure with lower energy markets likely contributing to the profit taking pullback. Traders are still going with positive reports of progress regarding Iran despite the contradictions from the other side.

With that, stocks have turned mixed with the Dow now setting a record high as well. Treasury markets remain slightly higher, trading the optimistic reports with the same keeping pressure on the U.S. dollar.

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