May canola is up $1.50/mt with July canola up $1.60/mt, July soybean oil is down .05 cents/pound, August European rapeseed is down 4.25 euro per mt and July Malaysian palm oil is up .39%. July oats are up 4 1/2 cents/bushel. June crude oil is down $2.74 per barrel, June ULSD is down $.0507 per gallon, and the June Canadian dollar is up .00090 at .73275. The June U.S. Dollar Index is down .222 at 98.380 and the May Brazilian real is down .00040 at 0.19975.

There is nothing meaningful to report on the Iran war so far, the impasse remains with no end in sight. Despite that, word that Iran's Foreign Minister was on his way to Pakistan was enough to trigger a $4/barrel break in crude oil in early trade, but half of that was gained back when it became clear he is just on a diplomatic trip to drum up support for Iran. He is scheduled to make stops in Pakistan, Oman and Russia with no word of talks with U.S. negotiators -- until just as this was about to be sent out. CNN is now reporting that Trump may be sending Witkoff and Kushner to Pakistan, sending energy prices lower and stocks higher.

Until then, most markets were drifting sideways with traders seemingly unwilling to push prices in either direction for fear of a major development over the weekend.

In outside markets, stocks are setting record highs again in celebration of the criminal investigation being dropped against Fed Chairman Jerome Powell, presumably clearing the way for Kevin Warsh to be confirmed as his replacement. The theory is that Warsh will be much more likely to lower interest rates. With that, treasuries bounced off overnight lows slightly while the U.S. dollar slipped marginally lower.

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