What You Need to Know Today:

U.S. launches naval escort operations in the Strait of Hormuz as Iran attacks UAE oil infrastructure, escalating geopolitical risk and supporting energy and broader commodity markets Biofuel demand entering uncharted territory, with soyoil valuation increasingly disconnected from historical benchmarks amid tightening feedstock availability Global weather turning more threatening, with cold and dry conditions across the U.S. and drought stress in Eastern Europe tightening grain and oilseed production outlooks Brazil’s safrinha corn facing below-normal rainfall (50–60 percent of normal), reinforcing a tightening global corn supply narrative December corn futures broke the $5.00 mark on fund buying and...