Grains were expected to develop a firmer tone on rising war risk premium, both involving Iran and Russia/Ukraine. Weather remained threatening but the present heat was balanced against a wetter forecast for the week ahead. In the Headlines Ukraine struck an Iranian ship in the Caspian Sea this weekend, linking to Ukrainian President Volodymyr Zelensky saying that Russia was providing satellite data to help Iran’s attacks in the Middle East. Ukraine also continued to launch drones against power infrastructure on the Crimean Peninsula and Russia responded with strikes near Ukraine’s capital of Kiev. The latest hostilities dampened the likelihood of the tacit agreement returning for Russia and Ukraine not to disrupt exports. Tariffs led the headlines at the end of the week as President Trump issued new levies on over 80 countries covering 99 percent of U.S. trade volume. The tariffs are structured under an alternative Section 301 authority. Two small businesses became the first to fight against the new order with a suit filed in the U.S. Court of International Trade. Only one flash sale was announced listing China as the buyer of U.S. soybeans last week, with an unknown destination attached with two more cargos of soybeans on…
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