July canola is up $.40/mt with November canola down $.40/mt, July soybean oil is up .35 cents/pound, August European rapeseed is up 1.50 euro per mt and July Malaysian palm oil is up .61%. July oats are down 1 1/4 cents/bushel. June crude oil is up $4.23 per barrel, June ULSD is up $.1558 per gallon, and the June Canadian dollar is down .00190 at .72775. The June U.S. Dollar Index is up .467 at 99.195 and the May Brazilian real is down .00320 at 0.19645.

Soybeans, corn and wheat are all trading near their lows with losses quite substantial even though few in the industry expected much for specific announcements from China. They don't normally say anything that will increase the price that they must pay. The Trump administration is still claiming significant purchases will result, and not just for soybeans. That said, the selling may be more closely tied to the normal seasonal price pressure at this stage, especially given the favourable extended weather forecasts for the corn belt. With the short-term oversold conditions, a bargain hunting bounce would make sense, especially considering the strong energy markets (that appear to be breaking to the upside).

Energy markets are maintaining their strong gains going into the weekend with little positive news to hang their hat on. If anything, the timing of a military escalation would make sense to try to break the standoff.

With the jump in energy prices, treasury markets are selling off going into the weekend with interest rates challenging last April highs as a result. The U.S. 10-year note is at 4.59% as midday nears with the higher interest rates continuing to weigh on stocks and support the U.S. dollar. The latter has almost filled the gap lower that was left following the surprise ceasefire announcement, with a rally to 99.400 required to do that. The high of the session so far is 99.215.

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