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Markets experienced dramatic overnight shifts as Middle East conflict sent crude oil soaring 13% while the EPA announced record biofuel mandates, creating a perfect storm of volatility.

• Crude oil surged 13% overnight - equivalent to a $1.40-$1.50 move in soybeans
• EPA announced highest-ever renewable fuel obligations through 2027
• Soybean oil closed limit up (300 ticks) in response to favorable biofuel mandates
• Iran-Israel conflict raises concerns about the Strait of Hormuz, where 20% of daily global oil flows
• Grain markets closed on their highs despite favorable weather forecasts
• Cattle markets sold off sharply, closing on their lows
• US-China trade negotiations showing positive progress following recent talks
• Northern Plains experiencing cool conditions with heavy rainfall in parts of South Dakota
• Markets face significant weekend risk with ongoing geopolitical tensions

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Thank you, Tommy G