July canola is down $.70/mt with November canola down $4.90/mt, July soybean oil is down .63 cents/pound, August European rapeseed is down .75 euro per mt and August Malaysian palm oil is down .04%. July oats are down 11 1/4 cents/bushel. July crude oil is up $.51 per barrel, July ULSD is up $.0311 per gallon, and the June Canadian dollar is up .00095 at .72380. The June U.S. Dollar Index is down .047 at 99.100 and the July Brazilian real is up .00010 at 0.19810.

Grain and oilseed markets continue to be impacted by the seasonal trade of aggressively selling this time of year providing no significant risks are on the horizon. Given the weakness seen in row crop markets, the lack of rain in the forecast for the dry areas of the Corn Belt is obviously not considered a risk (yet) with traders focussing instead on rain in the western Corn Belt.

Canola and soybean oil are doing reasonably well considering, thanks to energy markets turning positive on Iran's insistence that talks with the U.S. are suspended over Israel's ceasefire violations, despite what President Trump claimed Monday.

The ABARES June crop report out overnight should provide good underlying support (once the market is willing to be open to it). Watch for an update in the Canada blog later Tuesday.

Outside markets are largely ignoring the conflicting reports regarding talks with Iran (or lack of) with stocks and bonds trading higher while the U.S. dollar remains quietly lower.

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