Grain and vegetable oil futures declined on expectations that a potential reopening of the Strait of Hormuz would improve access to vital crop inputs, easing the threat of food inflation from the months-long war in the Middle East.
The US and Iran said they reached an interim agreement to reopen the waterway, potentially halting a conflict that killed thousands of people and disrupted global trade. Officials from the two countries will meet in Switzerland on June 19 to formally sign the agreement, suggesting aspects of the deal may be unresolved.
