May canola is up $13.30/mt, May soybean oil is up 1.58 cents/pound, May European rapeseed is up 8.75 euro per mt and June Malaysian palm oil is up .59%. May oats are up 2 1/2 cents/bushel. May crude oil is up $2.89 per barrel, May ULSD is up $.0401 per gallon, and the June Canadian dollar is down .00210 at .72045. The June U.S. Dollar Index is up .363 at 100.345 and the April Brazilian real is up .00035 at 0.19090.

Energy markets remain strong with nothing to indicate any relief anytime soon. At this point, it appears the idea of higher prices for longer seems to be setting in.

That has helped grain and oilseed markets hold overnight gains in response to the bullish biofuel blending mandates and 70% small refinery exemption reallocations (announced Friday).

With the shocking speed of the spike in energy markets, energy related grain and oilseed markets have been relatively slow to respond. As the idea of higher for longer for energy prices sets in (instead of a temporary spike), there is likely to be an upward pressure on ag markets. With that in mind, it's worth repeating that in 2022 when energy prices were last at these levels, canola was trading at $1,100/mt, soybean oil at 84 cents/pound, soybeans at $17/bushel and corn at $8/bushel.

That said, trade will likely be impacted in the short term by the Prospective Plantings and March 1 stocks reports (due out Tuesday at 11 a.m. CDT) as well as month-end positioning. Both are likely to lead to added volatility.

In outside markets, Treasuries remain sharply higher on recession fears and month end positioning. The same economic concerns are weighing on equities with the best gains of the day now lost while concerns over the war continue to support the U.S. dollar.

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