May canola is up $6.80/mt with July canola up $5.20/mt, July soybean oil is up .40 cents/pound, August European rapeseed is up 4.00 euro per mt and July Malaysian palm oil is down .68%. July oats are down 7 cents/bushel. June crude oil is up $3.57 per barrel, June ULSD is down $.0389 per gallon, and the June Canadian dollar is down .00260 at .73280. The June U.S. Dollar Index is up .152 at 98.470 and the May Brazilian real is down .00050 at 0.20025.

The oilseed complex has softened slightly in early trade, led by a weaker soybean market that has given back part of Monday's gains. Soybean oil and canola are higher while soybean meal is marginally lower with soybeans. Corn and wheat continue to be the strongest, making new session highs as midday approaches.

Energy markets have turned mixed despite crude oil remaining firm and continuing to trade around the $100/barrel despite conflicting reports of Iran's interest in opening the Strait of Hormuz. Word the UAE will leave OPEC+ as of May 1 didn't seem to faze prices either nor did reports that China is planning on resuming exports of petroleum products, primarily to Asian countries that are running low.

In outside markets, stocks and bonds remain under pressure due to concerns over the higher-for-longer energy outlook. Meanwhile, the U.S. dollar remains marginally higher on the day.

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