🛢️ Crude Oil Turns Lower Again
Crude oil was higher overnight and early in the session
Then reversed lower later in the day
Current crude prices:
Down about 90¢/barrel → 95.48
📌 Main focus:
Iran negotiations continue
Pakistani officials reportedly meeting with Iran’s foreign ministry
Nuclear discussions still ongoing, but details remain unclear
Markets now heading into:
A long holiday weekend
Thin trading conditions
Potential geopolitical volatility
⚠️ Reminder:
Weekend headlines can quickly move markets
🌽 Corn Holding Firmer
Corn managed small gains despite weaker energy markets
July corn:
Up ½¢ → 4.62¾
December corn:
Up ¾¢ → 4.85¾
📈 Strong export demand continues supporting corn:
Half a million metric tons sold to China and Mexico
Another 110,000 metric tons sold to an unknown destination
📌 Big takeaway:
USDA likely needs to lower carryout estimates again in future WASDE reports
