July canola is down $8.90/mt with November canola down $5.20/mt, July soybean oil is down .89 cents/pound, August European rapeseed is up 3.50 euro per mt and July Malaysian palm oil is down .20%. July oats are up 4 3/4 cents/bushel. June crude oil is up $2.57 per barrel, June ULSD is up $.0809 per gallon, and the June Canadian dollar is up .00070 at .73280. The June U.S. dollar index is down .034 at 97.750 and the May Brazilian real is up .00005 at 0.20330.

Energy and ag markets remain firm for the most part but well off of overnight highs as traders sort through what might be expected now that the peace talks have stalled. The most likely idea in circulation now is that nothing will happen until after Trump's trip to China to try to avoid any kind of disruption to that event. So, status quo it would be and the world will simply keep drawing down reserves. That said, the situation should provide good fundamental support due to the lack of alternatives to a military escalation at this point (once the China trip is over).

Soybean oil is leading canola lower as the bull market correction continues with additional unwinding of the long soybean oil/short soybean meal spread. Soybean meal is strong as a result.

In outside markets, stocks have turned higher on the day while bonds drift slightly above their overnight lows on the lack of escalation while the U.S. dollar remains quietly lower, awaiting further developments.

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