July canola is up $10.50/mt with November canola up $11.70/mt, July soybean oil is up 1.49 cents/pound, August European rapeseed is up 6.50 euro per mt and July Malaysian palm oil is up .89%. July oats are up 5 cents/bushel. June crude oil is up $4.06 per barrel, June ULSD is up $.1144 per gallon, and the June Canadian dollar is down .00165 at .73580. The June U.S. Dollar Index is up .275 at 98.280 and the May Brazilian real is down .00040 at 0.20025.

It appears the ceasefire in Iran may be failing over the latest plan to help move ships out of the Strait of Hormuz. The UEA had four missiles shot at it from Iran with three being intercepted and one falling into the sea. A Japanese vessel was hit, and multiple other conflicting reports suggest Iran is trying to make a point that they are serious about retaining control.

With the midmorning developments, energy markets jumped and grain and oilseed markets surged to new contract highs again in many cases. An extremely strong corn export inspection report (with corn inspections topping 2 billion bushes, well above the highest pre-report estimate) helped to inspire corn to catch up to some of the gains seen in oilseed markets.

With the escalation, stocks and bonds fell while the U.S. dollar maintained its gains.

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