Corn falls to a nine-month low of $4.07; the US-Iran agreement triggers a broad decline in agricultural products following crude oil.

⑴ The most active corn contract on the Chicago Board of Trade hit $4.07-1/4 per bushel on Monday, marking the lowest level since August last year. Wheat fell to $5.72-1/4 per bushel, the lowest since April, and soybeans dropped to $11.07-1/4 per bushel, the lowest since February. ⑵ The United States and Iran have reached a preliminary agreement to end the war and restore navigation in the Strait of Hormuz. This news led to a sharp decline in crude oil prices, which in turn dragged down agricultural commodities from grains to sugar, as these products are increasingly used for biofuel production. The ICE raw sugar contract fell to 13.61 US cents per pound, the lowest since April. ⑶ A trader based in Singapore stated that Monday’s trend was mainly related to the US-Iran agreement, while the supply side also released more bearish signals. A German trader noted that if the Strait of Hormuz reopens, crude oil prices are expected to drop sharply, and other commodities, including grains, may also fall significantly. ⑷ The German trader also pointed out that the market remains tense because the agreement has not yet been signed, and five days is full of uncertainty in the turbulent Middle East situation. The market's cautious sentiment may continue until the agreement is formally implemented. Some importers have been delaying purchases to wait for the agreement to drive prices down, and if the agreement holds, it could generate new demand.