Iran peace hopes send wheat lower, despite residual US crop worries

• Iran and the US reported to be closing in on a peace agreement
• Brent crude falls temporarily below $100/Bbl. Shares rise
• Chicago wheat leads complex lower, as funds rebuild short positions
• Large Canadian canola stocks weigh on rapeseed too

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Wheat markets ease, as Wasde rethink encourages profit-taking

• Brent crude eases, as hopes for Iran peace take small step forward
• Wheat futures weighed by profit-taking, as Wasde data reassessed
• Russian and Canadian crops may have scope for upgrades, some say
• However, market underpinned by dire US harvest outlook

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Analysis of May USDA WASDE

Wheat prices soar, after the USDA forecasts this year’s US harvest at the smallest since 1972

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Wheat markets buoyed by firmer oil, but fund positions in focus

• Brent crude recovers, as Iran-US remain in deadlock over peace terms
• Wheat futures buoyed too. Fund positioning offers scope for buying
• US Plains weather remains mixed for winter wheat crops
• Market braced for key USDA Wasde report on Tuesday

Daily Markets

Softer oil, hopes of better US weather depress wheat markets

• Brent crude falls for third session amid hopes for Iran peace deal
• Wheat futures fall too, weighed too by modest US export sales
• US Plains weather hopes depress high protein wheat particularly
• European prices shielded by French crop rating, UK stocks

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2026/27 major exporters' stocks/use

Analysis of May USDA WASDE

Global Crop Watch - Prairies sowings make slowest start in more than a decade

Weekly Oilseeds Outlook - USDA's key May Wasde report previewed

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Falling oil, rising US crop rating weigh on wheat markets

• Brent crude retreats to $110/Bbl as Iran tensions ease
• Drags Bcom commodity index from 13-year high
• Wheat weighed too by unexpected uptick in US crop rating
• Algeria tender helps ease pressure on European prices

Daily Markets30/04/26

Wheat dips as month-end profit-taking trumps weather jitters

• Freeze expands weather tests for US Plains wheat
• Overnight frost in Russia and Ukraine as well
• Brent crude nears highest since 2022, as supply fears mount
• US and European wheat prices hit fresh one-year highs

Daily Markets29/04/26

Freeze fears, buoyant crude oil extend wheat price rally

• Freeze expands weather tests for US Plains wheat
• Overnight frost in Russia and Ukraine as well
• Brent crude nears highest since 2022, as supply fears mount
• US and European wheat prices hit fresh one-year highs

Daily Markets28/04/26

Crop worries spur wheat price jump to highest in more than a year

• Brent crude prices rise on failure of latest attempt at Iran-US talks
• US wheat prices gain, backed too by disappointing weekend rains
• EU prices lag. Mars bureau raises forecast for 2026 EU soft wheat yield
• Cool Black Sea weather, slowing spring sowings, in focus too