Paris leads wheat price headway, amid signs of fund buying

• Attacks on cargo ships in Strait of Hormuz lift oil prices
• Brent crude returns above $91/Bbl.
• Shares, bonds fall. Grain prices gain
• Funds net long in Paris wheat, first time since June 2024
• Net long in Paris rapeseed at one-year high

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Grains stage recovery after early dive on Iran-US deal

• Iran-US ceasefire deal sends Brent crude to three-month low
• Grains initially pulled lower too, to multi-month lows
• However, signs of technical support help foster recovery
• Funds have already sold down grains at record pace

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Analysis of June USDA WASDE

Wheat prices ease, as enhanced hopes for Black Sea crops offsets a further dent to US expectations

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Wheat prices extend recovery, as Iran-US tensions, El Nino stoke jitters

• Brent crude gains on signs of reviving Iran-US tensions
• Adds to support for grains from pre-Wasde positioning
• Japan declares El Nino has begun
• Wheat prices rise on both sides of the Atlantic

Daily Markets

Fall in US wheat rating to record low lifts prices in Chicago and Europe

• US winter wheat crop rating deteriorates to record low
• US corn, soybean crop rating short of expectations too
• Europe faces return of hot weather, with mixed crop impacts
• Wheat prices rise in Chicago, London and Paris