Wheat follows oil in showing late-session strength, amid Iran deal doubts

• US presents 15-point plan to end the Iran war, sending oil and grains lower
• However prices recover as Iran dismisses the proposal
• Chicago and EU wheat recovers into positive territory
• Rapeseed revival tempered by rapeoil softness

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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