Grains were called firmer with likely support from the energy market. Traders will lack conviction before the Tuesday stocks and acreage reports. It will be another short trading week for Independence Day with markets closed on Friday. In the Headlines Iran attacked U.S. military assets in Bahrain and Kuwait on Sunday in response to U.S. strikes carried out against Iran earlier in the weekend. Iran used a drone to strike a cargo ship in the Strait of Hormuz on Thursday, with President Trump then reportedly waiting until after the stock market was closed on Friday to begin airstrikes again. Strikes continued after Iran targeted another oil tanker on Saturday. Negotiations were still open under the 60-day ceasefire extension that started on June 18th, but diplomatic channels were vulnerable to closing if fighting was to continue into the new week. The U.S. dollar index traded up to a new one-year high last week to exert additional pressure on commodity prices. Tracking higher with bond prices, the firmer dollar was reflecting nervousness about the central bank being constrained by high inflation amid a growing government debt problem. The related rerouting of money flows was evident in silver futures being down for their…
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