July canola is down $10.40/metric ton with November canola down $10.50/mt, July soybean oil is closed, August European rapeseed is down 10.50 euros per metric ton and August Malaysian palm oil is up 0.25%. July oats are closed. July crude oil is down $5.59 per barrel, July ULSD is down $0.1556 per gallon, and the June Canadian dollar is up 0.00065 at 0.72545. The June US dollar index is down 0.286 at 98.900 and the June Brazilian real is up 0.00060 at 0.19950.

Canola ended up extending losses during the morning session even though outside markets hadn't really changed amid a lack of new developments on the Iran peace negotiation front and U.S. ag markets being closed for the Memorial Day holiday. Improved weather prospects for Western Canada and the U.S. Corn Belt added to pressure from lower energy prices, resulting in a pullback in canola that was able to fill the gaps higher from last Monday evening. Depending on the outcome of talks with Iran, now that the gaps are filled, buyers that were waiting for such a move may step in and support canola should negotiations deteriorate.

President Donald Trump is still providing mixed signals. He sent out a message on social media confirming that talks "are proceeding nicely" -- but he followed that up with a warning that if it is not a great deal for all, there will be no deal, and "back to the battlefield and shooting, but bigger and stronger than ever before."

Markets heard what they wanted to hear from the message and although moves are slightly less extreme than overnight levels, stocks and bonds are still sharply higher with energy markets and the U.S. dollar remaining sharply lower.

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