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Plains, Prairies Quick Takes
5/07 11:12 AM

July canola is down $2.00/mt with November canola up $.50/mt, July soybean oil is down 1.01 cents/pound, August European rapeseed is down 6.75 euro per mt and July Malaysian palm oil is down .40%. July oats are down 1/4 cents/bushel. June crude oil is down $2.36 per barrel, June ULSD is down $.0594 per gallon, and the June Canadian dollar is down .00020 at .73440. The June U.S. Dollar Index is down .080 at 97.795 and the May Brazilian real is down .00005 at 0.20185.

After a severe pullback lasting 48 hours with no new developments on the peace proposal (that was behind the significant break in ag and energy markets), it appears the selling may be exhausted with bargain hunting taking prices off their lows of the session. Until the next headline hits of course.

Stocks remain resiliently optimistic while bonds have now turned lower on the day as patience on any true sign of peace may be running thin. The U.S. dollar remains quietly lower on the day awaiting further developments.

 
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