July canola is up $1.40/mt with November canola up $2.50/mt, July soybean oil is up .56 cents/pound, August European rapeseed is up 2.00 euro per mt and August Malaysian palm oil is up .51%. July oats are up 1/2 cent/bushel. July crude oil is up $.31 per barrel, July ULSD is down $.0306 per gallon, and the June Canadian dollar is down .00360 at .71410. The June U.S. Dollar Index is up .281 at 100.215 and the July Brazilian real is up .00090 at 0.19345.

Grain and oilseed markets are mixed ahead of the WASDE update with soybean oil leading canola higher. A recovery in energy markets is likely helping following comments by Trump that the U.S. is planning on "hitting Iran VERY HARD Tonight", adding that his plans are to be "taking Kharg Island" and other oil infrastructure soon, much like he did in Venezuela. As a reminder, Kharg Island is the export outlet for most of Iran's oil. Controlling that controls their exports. So, one could assume it would take quite a fight to do that. Prices have since backed off when he also suggested he doesn't want U.S. boots on the ground, something that most feel is necessary if they are to take the island. Regardless, the escalation in tensions are enough to support vegetable oil markets.

Outside markets are reacting cautiously with stocks pulling back from their highs but remain positive while treasuries hold on to small gains. That is quite impressive considering a very hot PPI report Thursday morning and the ECB raising interest rates by a quarter point. The U.S. dollar has added to its gains over the escalation in the Gulf and fears over high inflation resulting in higher interest rates for longer.

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