May canola is up $1.70/mt with July canola up $1.20/mt, July soybean oil is up 0.27 cents/pound, August European rapeseed is up 1.00 euro per mt and July Malaysian palm oil is down 0.24%. July oats are up 3 1/4 cents/bushel. June crude oil is up $3.52 per barrel, May ULSD is up $.1720 per gallon, and the June Canadian dollar is down 0.00030 at 0.73355. The June U.S. Dollar Index is up 0.144 at 98.365 and the May Brazilian real is up 0.00045 at 0.20085.

The soybean market has given up overnight gains and turned negative as midday nears, for now apparent reason. Given the increased tensions over the continued U.S. blockade of Iranian oil shipments likely interfering with Chinese purchases, selling could be tied to fears that it may impact Trump's trip to China next month. It could also be that traders are concerned about a switch from corn to soybean acres due to cool/wet forecasts and fertilizer concerns, given corn's ability to maintain solid gains.

Regardless, soybean oil and canola have also had the wind taken out of their sales somewhat, with prices well off their best levels of the morning. This is the case, even though energy markets are making new highs for the session on increased tensions over the Strait of Hormuz, with the IRGC firing on another vessel and Iran reportedly refusing again to meet with the U.S. on Friday (as Trump has suggested could be a possibility).

In outside markets, stocks are seemingly oblivious to the risks that the war poses with the Nasdaq setting a new record high. Treasury markets are mixed while the U.S. dollar has turned slightly positive on the increased tensions.

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