May canola is up $3.60/mt, May soybean oil is up .19 cents/pound, May European rapeseed is down .25 euro per mt and April Malaysian palm oil is up .20%. May oats are down 6 3/4 cents/bushel. May crude oil is up $4.18 per barrel, May ULSD is up $.2757 per gallon, and the June Canadian dollar is down .00230 at .72935. The June U.S. Dollar Index is up .515 at 99.240 and the April Brazilian real is down .00135 at 0.18965.

Conflicting messaging and the resulting volatility in markets remains the only constant. Reports suggest China is pressuring Iran to de-escalate, Iran sources told CNN they may be open to negotiations, attacks continue, U.S. deployments continue, the Strait of Hormuz remains virtually closed (other than a few vessels that Iran is willing to let pass by paying a $2 million fee), and reports suggest Gulf countries are growing increasingly impatient and are nearly ready to join the war against Iran.

Against that backdrop, most markets appear to be taking what they want out of the headlines. Energy markets are higher on the lack of improvements, equities are mixed after being sharply lower in early trade, clinging to hope for negotiations, Treasuries remain lower on fears over the inflationary impact and the U.S. dollar remains higher thanks to increased interest rates and a flight-to-safety bid.

Ag markets don't seem to know what to do with most drifting back lower on the day. Soybean oil and canola have turned higher thanks to a strong diesel market and reports suggesting the final biofuel blending mandates could be released prior to Friday's ag meeting at the White House. Corn is still higher but off the morning highs despite the lack of hope for the opening the Strait of Hormuz anytime soon.

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