May canola is up $.90/mt with July canola up $1.10/mt, July soybean oil is down 0.28 cents/pound, August European rapeseed is down 4.25 euros per mt and June Malaysian palm oil is down 0.87%. July oats are up 3 1/4 cents/bushel. May crude oil is down $6.24 per barrel, with June crude oil down $3.99/barrel, May ULSD is down $0.1836 per gallon, and the June Canadian dollar is up 0.00175 at 0.72885. The June U.S. Dollar Index is down 0.263 at 97.900 and the May Brazilian real is up 0.00060 at 0.20000.

It seems the old saying that a bull needs to be fed daily applies to energy markets during a war as well. Prices have fallen in early trade as a lack of escalation (with the fragile ceasefire holding) is taken as a positive sign, while the Strait of Hormuz being virtually frozen is ignored. By energy futures markets at least. Conflicting reports of talks potentially resuming are also weighing on values despite Iran contradicting them.

Grain and oilseed markets may be taking the delayed progress on opening the Strait more seriously, with corn and wheat leading the soybean complex higher. Even those impacted markets are having trouble maintaining gains, with the weakness in energy markets outweighing the potential impact of fertilizer price increases amid supply concerns. So far, anyway.

In outside markets, stocks and bonds continue to take the lack of escalation as a positive sign, with equity markets close to record highs again. The optimism has resulted in pressure on the U.S. dollar remaining in place for most of the morning.

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