November canola is up $6.10/mt, December soybean oil is up .42 cents/pound, November European rapeseed is up 3.25 euro/mt and September Malaysian palm oil is down .09%. December oats are up 10 cents/bushel while November European corn is down 4.00 euros/mt. August crude oil is up $1.97/barrel, August ULSD is down $.0072/gallon, and the September Canadian dollar is up .00075 at .70675. The September U.S. Dollar Index is up .110 at 100.725 and the August Brazilian real is down .00055 at 0.19310.

Energy markets are taking center stage again as Iran has reportedly now hit 4 vessels in the past 24 hours that were trying to pass through the Strait of Hormuz without its consent or guidance. That marks a significant escalation in the battle over who controls the Strait with it potentially leading to a breakdown of the MOU over such a core contentious issue. That had crude oil up $2/barrel at one point with it remaining not far off that now.

In the meantime, grain and oilseed markets are satisfied simply consolidating following Monday's spike higher with soybean oil and canola the strongest members (thanks to the jump in energy prices).

There remains no relief in sight for the European corn drought stress but following such an impressive run, it appears some profits are being taken as prices drift lower after making new contract highs overnight. Extended forecasts for the U.S. Midwest are conflicting as to the potential for relief for the Eastern Corn Belt. Some models have the more moderate conditions falling further east than the corn belt, failing to provide much relief from the hot and dry weather.

Outside markets are less than impressed with the developments in the Middle East as stocks trade sharply lower (led by the interest sensitive NASDAQ) while bonds extend overnight losses. The rising interest rates and tensions have supported further gains in the U.S. dollar.

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