May canola is up $3.50/mt, May soybean oil is down .17 cents/pound, May European rapeseed is down .75 euro per mt and April Malaysian palm oil is up 1.73%. May oats are up 9 3/4 cents/bushel. April crude oil is up $3.59 per barrel, April ULSD is up $.2590 per gallon, and the June Canadian dollar is down .00035 at .73150. The June U.S. Dollar Index is down .313 at 99.560 and the April Brazilian real is down .00105 at 0.18980.

Grain and oilseed markets are generally higher, led by corn on concerns over fertilizer pricing thanks to Wednesday's attacks on Qatar's LNG facilities. They supply a significant portion of the world's natural gas and repairs may take years to complete. With nitrogen fertilizer being so heavily dependant on natural gas for production, a spike in the price of the latter gets worked in quickly. Even if supplies are adequate, the pricing of nitrogen fertilizer may cut acres and/or yield depending on the extent that the fertilizer use is cut back. It will likely take a better corn price than this to keep application rates at normal levels.

Energy markets just took a significant leg higher on breaking news that the U.S. will not implement an export ban (WTI crude oil is currently at a sharp discount to Brent). Up until that point, soybean oil had continued to trade around unchanged while soybean meal extends its sharp rally, with the moves acting as a wet blanket on canola (considering the spike in energy prices).

In outside markets, Treasuries managed to recover from the worst of the overnight lows with the 30-year bond now higher on the day. Equities remain lower on inflation concerns while the U.S. dollar sold off as interest rates reversed course.

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