What You Need to Know Today:

The June WASDE report was largely in line with expectations, with no major market-altering changes to the balance sheets. The Producer Price Index rose by 1.1 percent month-over-month in May 2026, exceeding economist estimates of a 0.7 percent rise. The annual headline inflation rate was 6.5 percent, the highest since November 2022. Excluding food and energy, the PPI rose by 0.4 percent, less than economist expectations of 0.5 percent. This suggests that higher energy prices were the main culprit for the higher-than-expected increases. This morning, President Trump threatened to seize Iran’s oil infrastructure, including its main export terminal, Kharg Island. Hours later, President Trump said he had call...