November canola is up $12.90/mt, December soybean oil is up 1.28 cents/pound, November European rapeseed is up 4.75 euro/mt and October Malaysian palm oil is up .32%. December oats are up 13 1/2 cents/bushel while November European corn is up 1.50 euros/mt. September crude oil is up $3.18/barrel, September ULSD is up $.2842/gallon, and the September Canadian dollar is up .00005 at .71870. The September U.S. Dollar Index is up .197 at 99.620 and the September Brazilian real is down .00060 at 0.19495.

Energy markets are leading the way, trading sharply higher with diesel up over $.29/gallon at one point. That flowed through the vegetable oil complex with soybean oil, canola and European rapeseed all experiencing significant gains.

Reports out of Iran that they have no interest in negotiating any further with the Trump administration and is willing to enforce the status quo until Trump's term ends in January 2029 contributed to the additional gains. Unless the U.S. completely surrenders to its demands, of course. Not helping energy bears, over the weekend President Trump confirmed that the new strategy is to simply do nothing different for now, expecting the U.S. blockade (of Iran exports) to eventually force it to negotiate and open the strait. To top it off, Ukraine striking another Russian oil refinery has likely helped push diesel prices back up near contract highs.

Row crops should be getting a boost from DTN's yield projections but so far, the much more favorable forecast for the corn belt is acting like a wet blanket. DTN's digital tour estimates the national corn yield will be 178.5 bpa compared to USDA's 183 bpa with the national soybean yield coming in at 52.1 bpa compared to USDA's 53 bpa. For more, see https://www.dtnpf.com/….

With the surge in energy prices, Treasury losses have accelerated (as feared) with the higher interest rates hurting stocks while the U.S. dollar has maintained its overnight gains.

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