July canola is down $5.20/mt with November canola down $1.80/mt, July soybean oil is down .64 cents/pound, August European rapeseed is down 3.25 euro per mt and July Malaysian palm oil is down .59%. July oats are down 16 1/4 cents/bushel. July crude oil is down $4.95 per barrel, July ULSD is down $.1745 per gallon, and the June Canadian dollar is down .00005 at .72810. The June U.S. dollar index is down .211 at 99.055 and the June Brazilian real is up .00120 at 0.19900.

Energy markets took a dive at midday as President Trump claimed yet again that the U.S. is in the "final stages" of talks with Iran, adding "we'll see what happens". In the meantime, Iran's IRGC claimed control over the Strait of Hormuz again and reports suggest Israel's military is on its highest level of alert over rising tensions with Iran.

The energy price weakness contributed to further declines in grain and oilseed markets despite bullish data out of the EIA's weekly inventory report. Ethanol production rebounded sharply from its recent seasonal slowdown while crude oil inventories fell more than expected. Crude oil stocks (excluding the SPR) fell by 7.9 million barrels compared to an expected 3-million-barrel drawdown. Besides that, the Department of Energy released a (weekly) record 9.9 million barrels from the Strategic Petroleum Reserve (SPR) during the week. Crude oil imports had increased to 6 million barrels per day while exports also rose to 5.6 million barrels per day.

The optimistic tone out of the President was enough to send stocks sharply higher again with bonds rallying and the U.S. dollar turning lower.

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