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Commodities

Oil Price Crash Sends Soybeans and Corn Plummeting

Guavy AI Editorial Team
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Oil Wheat Corn
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Oil prices took a sharp drop on Monday after the US and Iran paused strikes over the weekend, raising hopes of a diplomatic solution that could de-escalate the conflict in the Middle East.

This led to losses in Chicago soybean and corn futures, with both falling more than 2% due to their strong correlation with energy markets.

Wheat also dropped on Monday, losing 1.5%, after hitting a two-year high on Friday on hopes that Russian-Ukrainian attacks on ports and shipping may recede.

As of 1006 GMT, Chicago Board of Trade most-active soybeans fell to $12.17-1/4 a bushel, corn fell to $4.73-1/4 a bushel, and wheat fell to $6.67-1/2 a bushel.

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