May canola is down $11.90/mt, May soybean oil is down 1.87 cents/pound, May European rapeseed is down 10.00 euro per mt and June Malaysian palm oil is down 1.03%. May oats are down 11 cents/bushel. May crude oil is down $1.69 per barrel, May ULSD is down $.0545 per gallon, and the June Canadian dollar is up .00300 at .71890. The June U.S. Dollar Index is down .569 at 99.190 and the April Brazilian real is up .00155 at 0.19295.

Grain and oilseed markets remain under heavy pressure to start the month amid conflicting reports about the potential end to the war with Iran. It's worth noting that wheat does have a reason to experience profit-taking selling pressure given the best rains of the season appear to be on track to run through Oklahoma over the next three days.

It doesn't appear energy markets are too convinced about progress on Iran given diesel prices are still only about $.05/gallon lower on the day and crude oil still hovering around $100/barrel. Ahead of President Trump's address to the nation at 8 p.m. CDT, he suggested in a Reuters interview that the U.S. will be "out of Iran pretty quickly" and he's not worried about the nuclear material as it can be tracked by satellite. He also suggested there has been full regime change, even though there is no clear replacement, and reported Iran had requested a ceasefire. In response, Iran claimed the information is false and misleading with the purpose of influencing markets. They added they and Oman will be the only ones that decide on the fate of the Strait of Hormuz, and it will remain closed. The one thing that does seem clear is that point. Whether Trump decides to withdraw or escalate the war, neither option ends with a quick opening of the Strait.

In outside markets, Treasuries remain quietly higher on optimism over Trump's comments while equities are fully buying into the messaging and are sharply higher. The U.S. dollar remains lower on the headlines.

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