May canola is up $21.50/mt, May soybean oil is up 2.65 cents/pound, May European rapeseed is up 13.25 euro per mt and April Malaysian palm oil is up .65%. May oats are up 3 1/4 cents/bushel. April crude oil is up $4.06 per barrel, April ULSD is up $.2957 per gallon, and the March Canadian dollar is down .00145 at .73530. The March U.S. Dollar Index is up .436 at 99.245 and the March Brazilian real is up .0005 at 0.19305.

Grain and oilseed markets are sharply higher with soybean oil, canola and corn leading the way on significant gains in energy markets despite the IEA announcing the release of a record setting 400 million barrels of member countries' strategic petroleum reserves.

Ag markets are finally taking the impact of potential fertilizer shortages seriously (it appears) with little benefit from a release of petroleum reserves in such a case. Traders just want the Strait of Hormuz opened, with little sign of hope.

Energy markets did not fall on the EIA announcement either, with a slight uptick in prices suggesting traders are concerned that the use of emergency supplies will do little to help the situation if the strait is not opened soon. Such a market reaction will likely help embolden the bulls.

In outside markets, Treasuries are sharply lower on inflation fears even though the CPI data was basically as expected. The real jump in inflation data won't come out until the March readings. The related jump in interest rates did turn equity markets lower while supporting an increase in the U.S. dollar.

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