US Grains Plunge, Hormuz Deal Hints at Reopening
Soybeans hit fresh lows ahead of the open, while wheat saw corrective strength overnight.
Corn and soybean futures continue to slide lower, with soybeans hitting a new low for the move. The USDA reported daily export sales of 120,000 MT of corn for delivery to Mexico, with 30,000 MT for delivery in 2026-27 and 90,000 MT for delivery during 2027-28.
The Strait of Hormuz remains a key focus as President Trump hinted at a possible deal on the waterway, which would allow for its reopening. Talks between the US, Iran, and Oman are reportedly moving along nicely, with an announcement expected within 48 hours.