July canola is down $12.10/mt with November canola down $14.40/mt, July soybean oil is down 2.12 cents/pound, August European rapeseed is down 8.75 euro per mt and July Malaysian palm oil is up .26%. July oats are down 4 3/4 cents/bushel. June crude oil is down $6.91 per barrel, June ULSD is down $.2132 per gallon, and the June Canadian dollar is down .00020 at .73545. The June U.S. Dollar Index is down .475 at 97.835 and the May Brazilian real is down .00050 at 0.20185.

As details emerge about the peace proposal that was behind the significant break in ag and energy markets overnight, it is becoming increasingly clear that it has a low chance of being accepted with little changing from previous attempts. Instead, Iran's military (the IRGC) has just set up a website for facilitating transit through the Strait of Hormuz (under their control) with vessels receiving instructions by email once a toll has been paid. They have warned that vessels that try to bypass will be attacked. Israel on the other hand was caught off guard and had been preparing for an escalation instead. PM Netanyahu is apparently trying to get answers as to what concessions were offered considering Israel's lack of interest in compromise.

Yet here we are, grain and oilseed markets remain sharply lower, testing the days lows in most cases, even though energy markets have recovered over half of the day's losses (in the case of diesel) on the lack of confidence in a deal.

Stocks and bonds continue to be the greatest beneficiaries of the initial report with those remaining sharply higher. Meanwhile the U.S. dollar has recovered almost half of its initial losses as well.

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