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(Bloomberg) — Crop prices fell alongside a slump in crude oil, after comments from US President Donald Trump eased concerns the war in the Middle East would be long-lasting.
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Chicago wheat declined nearly 3% at market open, before clawing back some losses. The futures contract had surged as much as 4% in the previous session. Soybean oil, a key feedstock for biofuel that had benefited from rallying crude oil, also retreated as much as 2.6%.
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Grain and oilseed prices had surged in the past few days as the Middle East conflict lifted energy prices and disrupted fertilizer flows, which in turn raised crop production costs and stoked food security concerns. Late on Monday, Trump said he expected the war with Iran to be resolved “very soon” and signaled plans to waive oil-related sanctions.
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The heightened volatility has kept many traders on the sidelines, hesitant to finalize strategies as market swing wildly.
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The Middle East war premium had been the driving force in agricultural markets, but with crude backing off significantly from its overnight highs, buyers turned cautious, the Hightower Report said in a note. The commodities researcher added global wheat supplies are adequate.
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Still, concerns remain heightened as the Strait of Hormuz, a key transit point for commodities, remains all but closed, and military strikes continue across the region.
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There is no doubt that volatility will remain high and sensitivity to energy prices will remain significantly elevated this week, the Hightower Report said.
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Grains and vegetable oil prices in China also fell after hitting the upper trading limit on Monday. The most actively traded soybean meal futures on Dalian Commodity Exchange dropped up to 2.8%.
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