July canola is up $4.60/mt with November canola up $5.10/mt, July soybean oil is up 0.58 cents/pound, August European rapeseed is up 5.75 euro per mt and August Malaysian palm oil is up .09%. July oats are up 6 1/2 cents/bushel. July crude oil is up $1.93 per barrel, July ULSD is up $0.0624 per gallon, and the June Canadian dollar is up .00100 at .71790. The June U.S. Dollar Index is down .004 at 99.885 and the July Brazilian real is up .00010 at 0.19250.

Grain and oilseed markets are higher at midday as it appears profits continue to be taken on short positions ahead of Thursday's WASDE update. Excessive rain in parts of both countries likely continues to provide good underlying support with harvest delays in the U.S. southern plains (wheat) and seeding disruptions likely to continue for some time for the remaining crop to be planted in eastern Saskatchewan and northwest Manitoba (canola).

Stronger energy markets are likely helping with increased threats of escalation between countries providing support and another larger-than-expected drawdown of crude oil inventories being seen. Non-SPR crude oil stocks fell by 7.2 million barrels when the trade was looking for a decline of 2.9 million and oil stored in the SPR fell by an additional 7.9 million barrels. Product inventories were roughly in line with expectations.

Outside markets are showing signs of instability as serious selling pressure has returned to the stock market thanks to the escalating rhetoric and higher energy prices. Treasuries remain mixed and the U.S. dollar has recovered much of its overnight losses with a flight-to-safety bid re-emerging.

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