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Oil surges back above $100 a barrel; weekly export inspections and crop progress data on tap...
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With wheat barely a foot tall, the flag leaf is already emerging—a sign the crop is rushing to reproduce under stress, leaving too little structure to support a harvest. Less than 10% may be harvested in West Texas.
Consumer price index out this morning
A temporary two-week ceasefire between the U.S. and Iran, which includes a partial reopening of the Strait of Hormuz, has eased some immediate panic in global fertilizer markets—but it is unlikely to meaningfully improve supply conditions in the near term
U.S. wheat ending stocks were raised slightly
Milder improvements were also noted in the southern U.S.