July canola is up $7.20/mt with November canola up $6.90/mt, July soybean oil is up .39 cents/pound, August European rapeseed is up 1.00 euro per mt and July Malaysian palm oil is down .79%. July oats are up 1/4 cents/bushel. June crude oil is up $1.07 per barrel, June ULSD is up $.0913 per gallon, and the June Canadian dollar is down .00260 at .73190. The June U.S. Dollar Index is down .154 at 97.790 and the May Brazilian real is up .00105 at 0.20310.

An escalation of attacks along the Strait of Hormuz (by both sides) with Iran claiming the ceasefire has been violated while the U.S. so far has refused to do so, has supported additional gains in energy markets in early trading. With the U.S. firing on several Iranian tankers while Iran has continued to insist it is setting up permanent law dictating their own control over the strait, it's hard for traders to buy into the peace proposal rhetoric.

That has helped grain and oilseed markets build on overnight efforts to bounce back from midweek losses with soybeans leading the way higher. That could be more than a coincidence ahead of Trump's trip to China. With the break testing and rallying off support at old resistance and the 25-day moving average (in soybeans), the current rally is a positive technical sign.

In outside markets, a stronger than expected April payroll report has helped stocks set record highs yet again while bonds remain quietly higher. The U.S. dollar remains lower on the day awaiting further developments.

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