🛢️ Iran Tensions Push Oil Back Toward $100
Over the weekend, Iran reportedly changed terms on the proposed peace agreement
President Trump rejected the updated proposal quickly
✈️ Trump now heading to China Wednesday:
Ag trade expected to be a major topic
Corn, soybeans, cotton, and exports all in focus
📌 Markets now waiting to see:
What compromises come from the China summit
Whether Middle East tensions escalate again after the trip
Crude oil responded higher:
Nearly touched $100/barrel overnight
Currently still sharply higher
🌱 Soybeans Higher but Bean Oil Pulls Back
Soybeans traded stronger early:
July beans were up around 15¢ at one point
Current prices:
July soybeans up 5¾¢ → 12.13¾
November beans up 5½¢ → 11.95
📌 Bean oil struggled to hold gains:
Funds already heavily long
Open interest remains very high
Products:
Soybean meal up $5.40
Bean oil down 71 points
