We honor those who sacrificed their lives in service of our country on this Memorial Day. Grains were closed on Memorial Day before a 7 pm central start for the Tuesday session. Futures were called to a softer start under the weight of lower crude oil, but market sentiment still had the potential to flip based on developments with Iran. In the Headlines Deal or no deal? The weekend headlines started with “Trump says Iran peace deal is near,” and then “U.S. and Iran agree in principle to a deal to reopen the Strait of Hormuz,” before back-stepping on Sunday to “Iran-US talks continue, no breakthrough yet on war.” The market was indicating the consensus expectation for an agreement to be reached as oil futures fell a quick $5 upon opening on Sunday night for the Tuesday session, while stock index and metal futures were higher. President Trump’s latest comments were that “Negotiations with the Islamic Republic of Iran are proceeding nicely!” U.S. officials had earlier told reporters that Iran was agreeing to give up its enriched uranium under a nuclear deal that would still be hashed out over the next 60-days of an extended ceasefire. The Strait of Hormuz…
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