May canola is up $3.50/mt with July canola up $3.90/mt, July soybean oil is up .58 cents/pound, August European rapeseed is up 1.00 euro per mt and June Malaysian palm oil is down .63%. July oats are down 2 3/4 cents/bushel. May crude oil is up $.84 per barrel with June crude oil up $.70/barrel, May ULSD is up $.1949 per gallon, and the June Canadian dollar is up .00180 at .72965. The June U.S. Dollar Index is down .048 at 97.860 and the May Brazilian real is down .00020 at 0.19955.

With reports surfacing that the U.S. and Iran are considering a two-week extension of the current ceasefire agreement (set to expire Apr. 21), the idea of the Strait of Hormuz being closed for longer is setting in. Both sides seem to think they can outwait the other (which is partially true -- both can likely survive it being closed indefinitely), but the world certainly cannot function properly without vessel transit being allowed.

An example of that is supporting grain and oilseed markets this morning. A survey from the American Farm Bureau Federation found critical issues with fertilizer supply and affordability. Only 19% of farmers from southern states and 67% of those in the Midwest had fertilizer prebooked. Nationwide, roughly half of those surveyed suggested they can't afford to apply a normal rate of fertilizer. It's hard to imagine trendline yield being achieved under such a scenario.

With that, corn is leading the way on a percentage basis with May corn up 7 cents per bushel. A sharp rally in diesel prices has helped the soybean complex join in with good gains seen there as well. Wheat is the only one being held back so far (following very strong gains posted Tuesday).

In outside markets, Treasuries are lower as global interest rates rise with inflation seen due to the Iran war, especially for energy importing countries. Equity markets are mixed with confidence remaining that all will be well. That same optimism has resulted in pressure on the U.S. dollar returning.

Besides the possibility of an extended closure to the Strait of Hormuz supporting energy markets, a much larger-than-expected drawdown in gasoline inventories (-6.1 million barrels) was seen in the weekly EIA report with diesel inventories down 3.1 million barrels as well.

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