July canola is up $1.20 per metric ton (mt), July soybean oil is down .46 cents per pound, August European rapeseed is up 4.75 euros per mt and July Malaysian palm oil is down 1.13%. July oats are up 5 cents per bushel. June crude oil is up $2.47 per barrel, June ULSD is up $.0482 per gallon, and the June Canadian dollar is up .00175 at .72720. The U.S. Dollar Index is down .370 at 99.270 and the Brazilian real is down .00060 at 0.17420.

Canola has been able to recover from early weakness, turning higher on the session by midday. A reversal from new contract highs Monday set the stage for a potential short-term top if prices failed to firm back up relatively soon. The new high was accompanied by a lower RSI (relative strength index) suggesting less conviction and internal strength on the move, known as a divergence top. If this is indeed a commercially driven rally, a shallow correction should attract buying interest amid strong demand and tight supplies, turning prices up. So far that already seems to be the case.

Soybean oil remains weaker, albeit well off the morning lows. A lack of progress on the biofuel front weighs on prices while a strong recovery in energy markets on bargain hunting provides support.

Corn and wheat are trying to bounce on ideas Monday's losses were overdone while soybeans remain under pressure.

In outside markets, interest rates are quiet ahead of Wednesday's interest rate announcement with the 10-year note at 4.35% while equities and the U.S. dollar remain under light pressure.

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