July canola is down $6.50/mt with November canola down $4.60/mt, July soybean oil is up .46 cents/pound, August European rapeseed is down .75 euro per mt and July Malaysian palm oil is down .17%. July oats are up 1 cent/bushel. June crude oil is down $3.82 per barrel, June ULSD is down $.1079 per gallon, and the June Canadian dollar is up .00070 at .73820. The June U.S. Dollar Index is down .194 at 97.725 and the May Brazilian real is up .00065 at 0.20105.

Repeating an all-too-familiar pattern, reports surfaced Friday morning that Iran had once again submitted a peace proposal to the U.S. through Pakistan. With the same predictable results -- a break in crude oil (and energy product markets) along with another surge for stocks into new record high territory. And grain and oilseed markets were left trying to decide how seriously to take the reports.

Actions speak louder than words and by midday, additional reports surfaced that the U.S. Treasury Department had just issued new Iran-related sanctions, adding any ship that passes through the Strait of Hormuz after paying Iran a toll would be at risk of those sanctions being imposed on them as well. With that, energies have come off their lows and soybean oil, soybeans and corn have all been able to resume their overnight rallies. Canola has remained under pressure but that could be partly due to the stronger Canadian dollar this week. Record high canola crush margins should keep any declines in check.

In outside markets, T

treasuries have returned to their quietly higher overnight positions after a brief extended rally on the Iran proposal reports while stocks have not given up their substantial gains inspired by optimism ahead of the weekend. The U.S. dollar remains under selling pressure with the lack of an escalation of the war weighing.

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