Crude Oil Plunge Sends Wheat Futures Down

Wheat futures fell back below $6.70 per bushel after reaching a more than two-year high of $7.06 on July 22.

The decline in crude oil prices weighed heavily on agricultural markets, contributing to the drop.

Rising tensions between the US and Iran appeared to ease as military strikes were paused over the weekend following two weeks of hostilities.

This pause has raised hopes that renewed diplomatic efforts could lead to normalized shipping through the Strait of Hormuz, which would be a significant relief for grain exports.