Rapeseed nears €500/t, soyoil highest since 2022 as crude oil bounces

• Donald Trump heralds a ’great deal’ with Iran, which has ’no choice’
• However, oil prices gain, on doubts Iran will attend talks with US
• Oilseeds follow crude higher. Soyoil hits highest since late 2022
• Wheat prices rise anew on US crop fears, stoked by USDA ratings

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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

Daily Markets

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

Daily Markets

Iran-Israel military strikes reinject geopolitics into grain markets

• Brent crude soars 5% on Iran-Israel strikes, before retreating
• Rapeseed, soyoil retain support in late deals
• Return of geopolitics up agenda counters harvest pressure
• European wheat prices ease nonetheless, as currencies recover