July canola is up $3.10/mt with November canola up $3.90/mt, July soybean oil is up .88 cents/pound, August European rapeseed is up 2.25 euro per mt and August Malaysian palm oil is up .45%. July oats are up 3 3/4 cents/bushel. July crude oil is down $3.74 per barrel, July ULSD is down $.0608 per gallon, and the June Canadian dollar is down .00130 at .72330. The June U.S. Dollar Index is up .049 at 99.150 and the June Brazilian real is down .00095 at 0.19760.

Oilseed markets have recovered from an early selloff inspired by a similar move in energy prices when outdated reports of progress were circulated yet again. This time it was an Iran state tv report claiming to have obtained a copy of the draft MOU that was being worked on over the weekend with the U.S. sounding very conciliatory. Given developments since, it was quickly disregarded by the market.

In the meantime, soybean oil has led the oilseed complex higher with another impressive gain considering all the noise. That has helped canola maintain its rally following a brief dip in early trading.

Outside markets are quiet following the erroneous reports with stocks mixed and bonds quietly higher while energy markets and the U.S. dollar continue to recover from their worst levels of the morning.

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