Global food prices reached a three-year high of 131.1 points in July as severe heatwaves slashed French maize forecasts by 35% to 9.0 million tons, while industrial action at BHP's Port Hedland threatened $80 million in daily iron ore exports. Simultaneously, the U.S. unveiled $3 billion in defense-focused critical mineral investments, China's iron ore imports dipped 4% to 108.1 million tons, and Middle Eastern buyers sought Canadian LNG off-take agreements amid ongoing shipping blockades in the Strait of Hormuz and drone attacks on Saudi Arabia's 400,000 bpd Jazan refinery.


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