🛢️ Crude Oil Collapse Pressures Grain Markets
Grain markets sharply lower across the board today
Main pressure came from:
Crude oil tumbling over $6/barrel
July crude oil:
Down $6.75 → 97.40
August crude:
Down $5.78 → 93.35
📌 Why the selloff?
More oil tankers successfully moving through the Strait of Hormuz
Hopes of additional negotiations with Iran
Markets betting tensions cool down again
Even with:
Large inventory draws
Strategic reserve declines
Energy markets ignored bullish supply data
🌽 Corn Breaks Lower
Corn sharply weaker under pressure from:
Lower crude oil
Biofuel concerns
Seasonal selling pressure
July corn:
Down 11¼¢ → 4.64
December corn:
Down 10½¢ → 4.87½
📌 Reminder:
December corn was above $5.03 just yesterday morning
🌱 Soybeans Lower Across the Board
Beans also pressured by weaker energy markets
July soybeans:
Down 12½¢ → 11.96¾
November beans:
Down 11¾¢ → 11.91¼
📉 Biofuel weakness from collapsing oil prices continues weighing on soybeans and bean oil
