Iran Deal Hopes Crush Crude Oil, But Grains Fight Back

🛢️ Possible Iran Agreement Sends Oil Lower

• Crude oil tumbled overnight after reports of a potential agreement between the U.S. and Iran.

• Current plan:

  • Formal signing expected Friday

  • Includes a 60-day cooling-off period

  • Strait of Hormuz would reopen

  • More oil and fertilizer shipments could resume

• Key question:

  • Can both sides avoid blowing up the deal before Friday?

• 📌 Important note:

  • This is not a permanent peace agreement

  • It is simply an agreement to continue negotiations

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🌽 Corn Holds Important Technical Support

• Grain markets initially followed crude oil lower overnight

• However, corn recovered nicely during the day

• July corn:

  • Up 2½¢ → 4.15¼

• December corn:

  • Up 1¼¢ → 4.41½

• 📌 Key support levels:

  • July corn: 4.10

  • December corn: 4.40

• Markets briefly broke below those levels but recovered

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🌱 Soybeans Bounce Off Morning Lows

• Soybeans were sharply lower overnight but staged a strong recovery

• July soybeans:

  • Up 3¼¢ → 11.16¾

• November soybeans:

  • Up 1¢ → 11.33

• Recovery from lows:

  • July beans bounced nearly 15¢

  • November beans recovered roughly 12¢

• 📌 Market focus now shifts toward:

  • June 30 acreage report

  • Summer weather

  • Potential Chinese buying

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