Dollar rally quashes US wheat prices, but European futures rise

• Oil prices extend rally as Iran conflict threatens Iraqi output
• Gold prices dip, but dollar gains, on waning rate cut expectations
• Dollar strength depresses US wheat prices. European values gain
• Oil price headway takes Paris rapeseed near €500/t

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Wheat caught in volatile trade as markets negotiate Iran conflict fallout

• Markets focus on expanding impact of Iran conflict
• Three US jets downed by friendly fire, drone attack on UK base
• Gas prices soar 50% in Europe on Qatar shutdown
• Wheat futures swing significantly
• Rapeseed gains, helped by rising oil, China canola ruling

Daily Markets

Wheat markets bolstered by second major import tender this week

• Saudi Arabia follows Algeria in tendering for wheat
• US wheat export sales data soft for 2025/26, promising for 2026/27
• Short-covering of wheat futures still seen as theme in Chicago
• Crude oil market gains on US-Iran talks
• Soyoil hits two-year high in Chicago on US biodiesel hopes

Daily Markets

Wheat futures hit by talk of US imports of Argentine supplies

• Argentine wheat said be pricing in to US South East
• Russian wheat stocks up 21% year on year
• Hopes improve for rainfall for southern Plains winter wheat
• Algeria purchase believed to be 600Kt
• Rapeseed weighed by firm euro, tight crush margins

Daily Markets

Wheat prices sag, as markets await clear China, Algeria signals

• Wheat futures dip amid quiet trade and mixed China signals
• China soybean prices ease slightly after strong pre-holiday rally
• Brazil offers cheaper soybeans, limiting demand for US exports
• Global wheat markets mixed, with Algeria purchase impact muted
• Rapeseed edges up, supported by firm Chicago soyoil prices

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European wheat sees strongest gains in over 8-months

• Wheat rebounds after early tariff driven sell off
• Geopolitical tensions spark broad commodity short covering
• Odessa port disruptions escalate, slowing grain flows
• Algeria returns with first wheat tender in weeks
• London wheat breaks above 50 day moving average

News

Newsflash: Wheat awakens with strongest Euronext rally in over 8-months

Newsflash

Daily Markets

Wheat futures gain as USDA forecasts unusually small sowings

• USDA forecasts US wheat sowings at the second smallest in more than a century
• Dryness an issue too, encouraging further short-closing by funds, traders say
• Corn to lose 2026 area in US too, although soybean plantings to expand
• Brent crude hits $72/Bbl for first time in six months, on US-Iran tensions
• Helps rapeseed prices back above €490/t in Paris

Daily Markets

Failure of Russia-Ukraine talks spurs wheat price headway

• Latest Russia-Ukraine peace talks end after only two hours
• Encourages return of risk premium into wheat prices
• Rapeseed hits six-month high, before profit-taking sets in