Grain futures declined in Chicago as a potential reopening of the Strait of Hormuz could improve access to vital crop inputs, helping to ease the threats to food inflation brought on by the months-long war.
The US and Iran said they reached an interim agreement to reopen the strait, halting a war that killed thousands of people. Officials from the two countries will meet in Switzerland on June 19 to formally sign the agreement, a decision that suggests aspects of the deal may still remain unresolved.
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