Grain and Oilseed Futures Slide on Middle East War Optimism

Grain and oilseed futures slumped in Chicago, on optimism that the US and Iran are nearing a peace deal to end the Middle East war that has fueled supply concerns for nutrient-intensive crops.

Iran is evaluating a new proposal from the US to end the conflict, according to a person familiar with the matter. Washington’s one-page memorandum of understanding will, if Iran accepts it, lead to the gradual reopening of the Strait of Hormuz and the lifting of the US blockade on Iranian ports, according to the person, who asked not to be identified discussing sensitive information.