May canola is up $11.30/mt, May soybean oil is up 1.96 cents/pound, May European rapeseed is up 8.00 euros per mt and April Malaysian palm oil is up 0.65%. May oats are up 5 3/4 cents/bushel. April crude oil is up $4.75 per barrel, April ULSD is up $0.2653 per gallon, and the March Canadian dollar is down 0.00350 at 0.73030. The March U.S. Dollar Index is up 0.570 at 99.300 and the March Brazilian real is down 0.00185 at 0.18855.

An escalation in attacks by Iran on neighboring countries triggered a rally over long-term resistance in crude oil at $78/barrel, attracting additional buying that took the April contract up to $79.97/barrel at one point, up over $5/barrel at the time. Threats by Iran to bomb any U.S. ship that enters the Strait of Hormuz certainly reinforce concerns over the safety of naval escorts, as suggested by President Trump on Tuesday.

The surge in energy prices has been too much to ignore, with row crops finally joining soybean oil and canola in their rally on the developments. Wheat is also at its highs of the day with spillover support from the above, combined with word that peace talks between Russia and Ukraine have been postponed indefinitely, and ideas that the best rains of the coming event will likely fall further east than many in the Southern U.S. Plains would like.

Statistics Canada released its first estimate of principal field crop areas in Canada Thursday morning, with little impact seen. The survey was conducted between Dec. 12 and Jan. 16, so it is basically irrelevant considering the events that have occurred since. The one noteworthy point was an increase in summerfallow area over 2025. With there already appearing to be an appetite for such a change going into 2026, the surge in fuel and fertilizer prices and the potential for shortages of the latter may very well increase interest in summerfallow further. Especially if grain and oilseed prices don't follow fuel and fertilizer higher.

In outside markets, treasuries remain under pressure with selling returning to the stock market on the spike in energy prices. The U.S. Dollar Index is adding to overnight gains with the U.S. looking relatively better than oil-import-reliant countries.

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