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On July 26, local time, US President Trump ordered the US military not to launch new airstrikes against Iran that day, ending nearly two weeks and 13 days of daily strikes. It is understood that Trump had previously approved daily strike plans submitted by the military, but after receiving a new operational plan on the 25th, he did not approve its implementation and instead directly ordered a halt to airstrikes for the day. It is unclear whether this decision is merely a one-day temporary measure or signifies a pause in military operations. Reportedly, hours before Trump ordered the suspension of airstrikes, an Omani delegation arrived in Tehran to negotiate new arrangements for reopening the Strait of Hormuz. Two regional sources familiar with the negotiations stated that progress had been made, and Oman and Iran are expected to reach an agreement by the end of the week, at which time Trump will decide whether to accept the proposed solution.A spokesperson for the Iranian Revolutionary Guard stated: "In 15 days of fighting, we destroyed 11 U.S. fighter jets and helicopters."Irans Ministry of Oil: Despite facing war and sanctions, more than 60% of the annual oil revenue budget target has been achieved.Irans Ministry of Oil: $11.5 billion worth of oil was sold during the war and $6.5 billion worth of oil was sold during the ceasefire.Domestic News: 1. my countrys digital industry revenue exceeded 39 trillion yuan in 2025. 2. VC prices surged over 40% in just over a month, with manufacturers limiting supply. 3. The State Flood Control and Drought Relief Headquarters activated a Level III emergency response for flood and typhoon prevention in Guangdong. 4. Liu Liehong visited Shanghai to investigate the market-oriented allocation reform of data elements. 5. Dalian pioneered interest subsidies for second-home provident fund loans; nearly 90 cities will issue housing subsidies this year. 6. The State Administration for Market Regulation penalized Ctrip Group for monopolistic practices; Ctrip announced 19 rectification measures. International News: 1. The US Starship spacecraft achieved some objectives during its 13th test flight. 2. Russia extended its gasoline export ban until the end of 2026. 3. South Korea reached a $950 billion cooperation agreement with a global tech giant. 4. Middle East Situation—① Iranian official: The Haoshan facility is "currently empty." ② Saudi Arabia confirmed that the multinational coalition is striking the Houthi rebels in Yemen. ③ After 13 consecutive nights of strikes against Iran, the US military has not announced any further airstrikes against Iran. ④ The US and UK plan to hold a meeting on the Strait of Hormuz issue and promote the formation of a Hormuz escort coalition. ⑤ The Houthi rebels claimed to have attacked Saudi Arabia twice in one day, targeting "sensitive targets" of Saudi Aramco in Jizan and Yanbu. ⑥ Qatars Ministry of Transport announced that all types of maritime transport and shipping activities will fully resume from July 26th.

Russia Cancels Ukraine Grain Deal; Wheat Futures Rise 6%

Charlie Brooks

Nov 01, 2022 15:01

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Following Russia's departure from a UN-sponsored agreement to protect Ukrainian exports over the Black Sea, European wheat futures rose over 6% on Monday.


Front-month wheat on the CME's computerized trading platform peaked at $889 per bushel before falling to $878.90 at 04:50 ET (08:50 GMT).


Russia withdrew from the summer agreement with Turkey after Ukrainian drones attacked the Russian Black Sea Fleet in Sevastopol over the weekend.


Ukraine has moved almost 9 million tons of agricultural products from its ports since the deal took effect three months ago, affecting the global market's equilibrium. Russia and Ukraine exported over 30% of global grain in 2012, and their dispute threatened supplies to some of the world's poorest nations.


Since talks of an agreement began, worldwide prices for wheat, corn, sunflower seeds, and oil have dropped by almost 30%, and the pact's suspension might reverse this.


In a morning note to clients, Saxo Bank strategist Ole Hansen noted that the suspension comes at an awkward time for markets: according to data from the Commodity Futures Trading Commission, money managers have placed increasingly large bets on falling grain prices in recent weeks, with net short positioning in Chicago wheat futures reaching a 28-month high in the week ending on Tuesday.


US Soybean Futures increased 0.6% and Corn Futures rose 2.8% to $698.75 per bushel, a two-week high.


Ukraine's capacity to attack Russia's fleet at its home base embarrasses the Kremlin, which has already lost the battlefield to Kyiv. Using unverified drone footage, Ukrainian networks claimed the strike severely damaged the ship Admiral Makarov. Since Ukrainian missiles sank the Moskva in April, the frigate has led the Black Sea Fleet.