🛢️ Crude Oil Crashes Below $90
Crude oil continued sharply lower today:
July crude down over $4/barrel
Briefly traded as low as 87.77
Current prices:
July crude → 89.63
August crude → 86.79
📌 Main driver:
Markets increasingly believing the Iran/U.S. ceasefire may hold together
Result:
Biofuel support gets pulled away from grains again
Ethanol and biodiesel enthusiasm fading
🇨🇳 China Still the Big Missing Piece
Grain trade continues waiting for:
China to officially lower tariffs
Current tariffs:
Beans → 10%
Corn & wheat → 15%
Traders split on timing:
Some think purchases could happen anytime
Others think July or August is more likely
📌 Market feeling:
China benefited from the recent grain market selloff by getting cheaper prices
