Wheat, Soyoil Tumble With Sugar as Iran Ceasefire Eases Tensions

Wheat and soybean oil dropped steeply as a two-week ceasefire deal between the US and Iran signaled an easing of geopolitical tensions.

Agricultural commodities have been climbing on weeks of escalating conflict in the Middle East that caused crude oil prices to spike and choked off the Strait of Hormuz, a key waterway for the shipment of commodities like fuel and fertilizer. The ceasefire agreement reached late Tuesday included temporarily reopening the strait.