May canola is up $12.80/mt with July canola up $12.40/mt, July soybean oil is up 1.11 cents/pound, August European rapeseed is up 2.00 euro per mt and July Malaysian palm oil is down .09%. July oats are down 2 3/4 cents/bushel. May crude oil is up $5.13 per barrel with June crude oil up $4.80 per barrel, May ULSD is up $.1698 per gallon, and the June Canadian dollar is up .00140 at .73425. The June U.S. Dollar Index is down .028 at 97.870 and the May Brazilian real is up .00030 at 0.20035.

Grain and oilseed markets have been adding to gains for the most part as the morning has progressed with little more to hang your hat on regarding Iran than conflicting reports of progress toward talking. The average of the various reports suggest Vance is set to leave today (or tomorrow) to meet in Pakistan for talks tomorrow (or Wednesday) with Iran likely (or not) to send top negotiators. Meanwhile, Trump claims that the ceasefire is set to expire Wednesday evening and an extension is very unlikely. Reiterating threats of aggressive attacks if a deal is not reached ahead of time.

With that, energy markets have held onto their early gains while soybean oil and canola markets lead the oilseed complex higher on the news. Corn and wheat are higher with the fertilizer disruptions, weekend frost over western Kansas, Nebraska and Colorado potentially damaging HRW wheat, strong weekly export inspections for the two just being reported, and a cold/wet forecast for the Corn Belt adding to incentive to switch acres from corn to soybeans all helping. Soybeans are barely lower, pressured by soybean meal losses on spreading against soybean oil and concerns over demand declines from China due to Iran war inspired tensions and reports of China's plans to reduce imports of soybeans in 2026 (by 6.1%).

Outside markets are in a bit of an anxious state over the conflicting reports with stocks and bonds coming off their lows (but remaining lower on the day) while the U.S. dollar has drifted lower now.

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