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US Crops Fall to 63%, Freight Hikes, Oil Fees & LME Zinc Surges
Description
Record heatwaves strain global crop yields as USDA drops corn and soybean ratings to 63% and EU wheat forecasts fall 7%. Freight costs spike across the Black Sea, freezing Russian wheat exports while regulatory bottlenecks halt Indonesian mineral shipments. Energy markets face deep structural shifts as Aramco levies $5 per barrel surcharges on diverted Asian crude, Asian thermal coal imports top 73 million tons amid Middle East gas disruptions, and Australia explores its first oil refinery in 60 years. Meanwhile, physical scarcity drives LME zinc backwardation to $74 per ton while US defense supply chains face severe domestic rare earth shortfalls ahead of 2027 mandates.
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