By Ryan Hanrahan
Pro Farmer’s Bill Watts reported that “grain and soy complex futures opened modestly lower Sunday night after the U.S. and Iran announced a deal to open the Strait of Hormuz, setting the stage for further talks aimed at ending a four-month old conflict.”
“‘Following intensive talks, we are pleased to announce that the Peace Deal between the United States of America and Islamic Republic of Iran has been REACHED,’ wrote Shehbaz Sharif, Pakistani prime minister and lead mediator in a post on X,” according to Watts’ reporting. “‘Both sides have declared the immediate and permanent termination of military operations on all fronts, including in Lebanon.’ The official signing ceremony will be on Friday in Switzerland, Sharif said.”
“In a social media post, Trump wrote: ‘Deal with the Islamic Republic of Iran is now complete. Congratulations to all! I hereby fully authorize the toll free opening of the Strait of Hormuz, and, simultaneously herewith, authorize the immediate removal of the United States Naval blockade. Ships of the World, start your engines. Let the oil flow!'” Watts reported.
Bloomberg’s Eko Listiyorini and Kanupriya Kapoor reported that “Hormuz is a key conduit for fertilizer and fuels used by farmers, and its shutdown boosted crop prices. The United Nations’ Food and Agriculture Organization had warned in May that a severe global food price crisis could set in within six to 12 months due to the strait’s closure.”
Source : illinois.edu