Wheat, corn and soy futures fall on U.S.-Iran deal news

CBOT July soft red winter wheat was last down 12-1/2 cents to $5.72 a bushel. Kansas City July hard red winter wheat fell 12-1/4 cents to $6.22-1/4 a bushel, while Minneapolis July spring wheat declined 8-1/4 cents to $6.10 a bushel.      Corn futures reached nine-month lows, pressured by the same diplomatic developments. Iran’s semi-official Mehr news agency reported that the draft deal includes plans to reopen the Strait of Hormuz within 30 days under Iranian arrangements. The U.S. and Iran will sign a memorandum of understanding in Switzerland on Friday.

The news sent oil prices lower, which weighed on agricultural commodities that are increasingly used in biofuel production. CBOT July corn last traded down 6 cents to $4.06-3/4 per bushel.      Soybean futures dropped on weakness from falling crude oil prices. Rainy weather in the U.S. Midwest is expected to aid soybean growth. CBOT July soybeans (CBOT:SN26) were last down 10-3/4 cents to $11.02-3/4 per bushel.      French soft wheat crop ratings showed 77% were in good or excellent condition by June 8, up from 76% a week earlier and from 70% a year ago, farm office FranceAgriMer said on Friday.

Morocco’s efforts to reduce import dependency and prioritize sales of homegrown wheat face challenges due to poor protein quality and harvesting delays, despite an ample crop, according to the heads of the country’s millers and grain traders federations.