Tidbits, June S&D, Israel-Iran & Crude, Drought Monitor, Export Sales 6/13/25
- Wright team
- Jun 13
- 5 min read
Highlights
Israel launched missile strikes on Iran. Crude oil prices spiked by almost $9 but then traded $3 lower from the peak. Israeli Prime Minister Benjamin Netanyahu said the goal of the strikes on Iran was to attack Iranian missile facilities, “the heart of Iran's nuclear enrichment programme”. He stressed that the main goal was to eliminate the threat to Israel and the operation will continue “for as many days as necessary”.
U.S. Secretary of State Marco Rubio stated that the U.S. had no involvement in the strikes on Iran and that Washington's priority remains the protection of American forces in the region.
The USDA raised the expected average price paid to farmers for wheat by 10¢ to $5.40 and reduced the U.S. carryout by 7 days to 165 days on increased exports. World wheat production projected at 808.59 million mts and consumption projected at 809.8 million mts. The world wheat carryout was reduced by 2 days to a 118 day supply, which would be the tightest world carryout since the 2014-15 marketing year.
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