July canola is down $14.00/mt with November canola down $9.30/mt, July soybean oil is down .70 cents/pound, August European rapeseed is down 1.25 euro per mt and August Malaysian palm oil is down 1.02%. July oats are down 1 cent/bushel. July crude oil is down $2.31 per barrel, July ULSD is down $.0669 per gallon, and the June Canadian dollar is down .00200 at .71780. The June U.S. dollar Index is up .588 at 99.970 and the July Brazilian real is down .00330 at 0.19315.

The week is ending the way June has gone so far in commodity markets --- with energies under pressure despite the U.S. having to deny Iran's claims that it fired warning shots over U.S. naval ships in the Strait of Oman with the weakness spilling over into grain and oilseed markets. Canola and soybean oil have not been able to ignore the selling pressure either, with a profit taking pullback being seen there too.

Outside markets are reacting significantly to a very strong April payroll report (in the U.S.) with 178,000 jobs added when 88,000 were expected. An additional 93,000 jobs were added to past reports through revisions. That has treasuries and stocks under significant pressure with higher interest rates now expected, and sooner. The market is now pricing in the first quarter-point rate increase for the December Fed meeting. With that, the U.S. dollar is strong on the interest rate differential (and likely concerns over a military escalation over the weekend, even though energy markets are showing no sign of it).

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