May canola is up $1.20/mt, May soybean oil is up 0.61 cents/pound, May European rapeseed is up 4.00 euros per mt and April Malaysian palm oil is up 1.73%. May oats are down 7 cents/bushel. April crude oil is up $1.01 per barrel, April ULSD is up $0.0690 per gallon, and the June Canadian dollar is down 0.00110 at 0.73025. The June U.S. Dollar Index is up 0.417 at 99.475 and the April Brazilian real is down 0.00155 at 0.18885.

Grain and oilseed markets are mixed heading into the weekend, with soybean oil remaining the strongest member of the complex. Strengthening energy markets can take most of the credit, as concerns over the lack of any sign of an off-ramp for the war appear to be supporting prices going into the weekend. That is helping canola post one of the few gains to be seen.

Reports suggest additional U.S. Marines have been deployed to the Middle East, with President Trump lashing out again Friday morning (on social media) over NATO's lack of support in getting the Strait of Hormuz open. All suggesting that reports of U.S. plans to try to take control of Kharg Island (that ships 90% of Iran's oil exports) could be true. With Iran vowing not to let that happen, markets are preparing for an escalation, or so it seems.

In outside markets, the extended impact of oil infrastructure damage on inflation, along with the lack of any sign of a resolution anytime soon, has treasury markets trading sharply lower. Support levels have been broken with the U.S. 10-year note trading down to prices not seen since July. With that, the 10-year rate has jumped up to 4.39%, weighing heavily on stocks with new lows being set in those markets as midday nears. The U.S. dollar has added to overnight gains on the increase in interest rates and a flight-to-safety bid.

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