March canola is down $5.80 per metric ton (mt) with May canola also down $6.10/mt. May soybean oil is down 1.10 cents/pound, May European rapeseed is down 4.75 euro per mt and April Malaysian palm oil is down .66%. May oats are up 4 1/4 cents/bushel. April crude oil is down $.21 per barrel, April ULSD is down $.0177 per gallon, and the March Canadian dollar is up .00055 at .73115. The March U.S. Dollar Index is down .150 at 97.705 and the March Brazilian real is up .00160 at 0.19250.

So much for the quiet option-expiry day that was mentioned in the opening comments -- although prices may still be little changed by the close. The Supreme Court of the United States had different ideas, ruling against President Trump's use of IEEPA authorized tariffs. More commonly referred to as reciprocal tariffs (or in Canada, China and Mexico's case -- fentanyl tariffs), they were responsible for most of the tariffs applied across the world while negotiating trade deals. It's worth noting that steel, aluminum, copper, auto, and pharmaceutical related tariffs came under a separate authority and would not be impacted by the ruling.

The initial reaction was a quick break in oilseed markets with soybeans losing $.23/bushel in minutes and soybean oil falling 1.40 cents/pound almost immediately. The connection is the assumption China may not fulfill their commitment to purchase U.S. soybeans without the tariff threat. Following the initial kneejerk reaction, prices have recovered much of the losses given the fact that all tariffs imposed on China in this term were based on IEEPA authority -- and soybean sales to China were much greater before the tariff war. So, this could still turn into a bullish development. Time will tell, especially considering the administration recently vowed to simply replace the tariffs if the Supreme Court ruled as it just has.

Oddly enough, most financial markets took the news in stride with very little reaction. Treasuries are quietly lower while equities are higher on hopes of greater corporate profits on the news. The U.S. dollar is under pressure, but not materially so as calmer heads prevail. And energy markets have pulled back a bit ahead of the weekend amid a lack of new developments on the Iran front.

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