Crop Prices Drop as Hormuz Reopening Would Ease Farm Input Shock (opens original article in a new tab)

Crop prices dropped as the potential reopening of the Strait of Hormuz could ease food inflation by improving access to vital farm inputs, with grain futures declining in Chicago.

• Grain futures declined in Chicago due to potential reopening of the Strait of Hormuz
• Reopening of Hormuz could improve access to crop inputs and ease food inflation
• Corn and wheat prices dropped about 0.7% in Chicago markets
• Soybean oil prices declined about 1% in response to market adjustments