🛢️ Iran Headlines Flip Markets Midday
Around 12:15 PM:
Iran announced it has a “final draft” peace proposal ready
Reportedly included:
Immediate ceasefire
No infrastructure targeting
Freedom of navigation through the Persian Gulf
❗But:
No discussion of nuclear capability limits
Markets immediately reacted:
Crude oil collapsed over $3/barrel
Grain markets reversed sharply lower
📌 Market now waiting:
Whether President Trump accepts the proposal
🌽 Corn Gives Up Early Gains
Corn started the day stronger:
Supported by massive export sales
USDA export sales:
Over 2 million metric tons of corn sold
📈 Important takeaway:
USDA may need to lower old crop carryout
Which also tightens new crop carryout projections
Despite bullish demand:
Crude oil weakness dragged corn lower
July corn:
Down 2¾¢ → 4.63
December corn:
Down 3½¢ → 4.85¾
