Soybean and grain prices drop to two-month lows

Soybean oil prices on the Chicago exchange have fallen to their lowest level in two months, amid trading influenced by declining oil prices and expectations of a return to normal shipping activity following a temporary agreement between the United States and Iran to resolve the Strait of Hormuz dispute. The price of oil dropped by 2.7%, reaching its lowest point since April, while canola prices declined by 2.1%. Markets also saw selling pressure from investment funds dealing in grains and oils, as traders await developments that could reflect a reversal in shipping activity over the weekend.

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