May canola is up $9.50/mt, May soybean oil is up 1.43 cents/pound, May European rapeseed is up 2.75 euros per mt and June Malaysian palm oil is up 0.29%. May oats are down 3 3/4 cents/bushel. May crude oil is up $11.18 per barrel, May ULSD is up $0.3065 per gallon, and the June Canadian dollar is down 0.00100 at 0.72105. The June U.S. Dollar Index is up 0.267 at 99.725 and the May Brazilian real is up 0.00040 at 0.19300.

Markets in general pulled back from their most extreme moves of the morning when a Bloomberg article was posted claiming that Iran is drafting a proposal with Oman for monitoring the Strait of Hormuz traffic, but not restricting it. Traders (more likely headline algorithms) reacted sharply as if that was a step towards the opening of the Strait. The fact is, everyone but Iran has made it clear that Iran controlling the Strait is not acceptable, so energy markets quickly rallied back over $111/barrel, up over $11 on the day.

Row crop markets gave up their gains on the mixed messaging, while soybean oil and canola maintained their strength, being more closely tied to diesel prices. Especially now with the much larger blending mandates being confirmed.

In outside markets, treasuries recovered on the headline, turning back higher on the day with equities doing the same, temporarily anyway. The U.S. dollar gave up about half of its overnight gains but remains higher on the heightened risks.

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