July canola is down $3.70/mt with November canola down $6.60/mt, July soybean oil is down 1.54 cents/pound, August European rapeseed is down 5.00 euro per mt and August Malaysian palm oil is up 1.98%. July oats are up 7 3/4 cents/bushel. July crude oil is down $4.53 per barrel, July ULSD is down $.1026 per gallon, and the June Canadian dollar is down .00005 at .71565. The June U.S. Dollar Index is down .081 at 99.295 and the July Brazilian real is down .00045 at 0.19610.

Grain and oilseed markets are mixed and well off of overnight lows (for the most part) following an aggressive rally right on the opening of the day session (at 8:30 a.m. CDT). The only explanation that has been floated is that China may be looking around for additional business for fall delivery. That would certainly make sense, especially with the fire sale going on with U.S. pricing lately.

Energy markets remain sharply lower despite Iran and Lebanon reiterating that Israel must pull out of the latter and agree to end future attacks. Something that Israel adamantly refuses to agree to. Yet optimism abounds that the Strait of Hormuz will open as energy prices tests their lows of the day, and the lowest price for nearby crude oil since March 10. That weakness was enough to turn impressive gains in soybean oil and canola on the opening of the day session into significant losses in soybean oil by midday, weighing on canola while at it.

Outside markets are showing some sign of concern ahead of the outcome from the first FOMC meeting with Kevin Warsh as chair. Stocks have reversed lower while bonds maintain their slight gains. The U.S. dollar remains quietly lower on the day.

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