May canola is up $7.60/mt, May soybean oil is up .04 cents/pound, May European rapeseed is down 3.50 euro per mt and April Malaysian palm oil is up .62%. May oats are up 1 1/2 cents/bushel. April crude oil is up $.56 per barrel, April ULSD is up $.0594 per gallon, and the March Canadian dollar is down .00595 at .72825. The March U.S. Dollar Index is up .581 at 100.335 and the March Brazilian real is down .00160 at 0.18855.

Now that reports have surfaced that officials from France, Italy and certain neighboring Gulf countries tried to convince Iran to consider diplomacy overnight with that being rejected, energy markets have resumed their rally. With no sign of a pullback from the U.S. side either, developments could lead to additional buying ahead of the weekend.

With the grim outlook for fertilizer movement through the Strait of Hormuz anytime soon (meaning lack of), energy markets resuming their rally, and wheat jumping on hot/dry forecasts adding to the current drought conditions -- most grain and oilseed markets have turned higher. A sharply lower Canadian dollar is helping canola outperform compared to other oilseeds.

In outside markets, stocks have turned back down on the day while the 30-year bond leads Treasury markets lower on inflation fears. With the higher interest rates, the U.S. dollar has extended its rally off the 100-day moving average, reaching levels not seen since last May. Interestingly enough, the market no longer expects any further rate cuts in 2026 for the first time.

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