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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.
The grain and soy complex favored a risk-on tone overnight, making up a portion of Wednesday’s losses.