Wheat leads grain price revival, as US blockade revives Iran tensions

• Failure of Iran-US talks, and US blockade, revives war trades
• Shares ease, while Brent crude rebounds above $100/Bbl
• Wheat prices gain. Hard red winter gets extra support from US dryness
• Paris rapeseed returns above €500/t

To continue reading this article and more, please register for free!

Register below to unlock more insights, data & prices from our analysts:

Unlock more content
Register for events
View subscriptions
Speak to our team
Manage email updates

Register or login:

Already subscribed/registered? Login below

Plains wheat prices near two-year high, as US dryness jitters mount

• Lebanon-Israel reportedly agree ceasefire, but Iran-US talks scaled back
• Brent crude returns close to $100/Bbl
• US hard red winter wheat leads buoyant wheat market
• US Plains rains fail to improve growing conditions

Daily Markets

US rain forecast pressures wheat as other grains prove buoyant

• Donald Trump heralds an ’amazing two days’ in resolving the Iran war
• Brent crude gains nonetheless, amid continued supply worries
• Corn and oilseeds find spillover support
• Wheat markets mixed. Traders keep an eye on US Plains weather

Daily Markets

Drought fears lift US wheat, oil sags on negotiation hopes

• Crude oil sags on hopes of diplomatic progress to end Middle East tensions
• Brent crude falls back below $100/Bbl, weighing on grains
• Rapeseed retreat below €500/t, tracking vegetable oils lower
• Weak condition rating helps US wheat prices buck negative trend

Daily Markets

Analysis of April USDA WASDE

The April USDA Wasde briefing revealed an unexpectedly large wheat stocks upgrade

Latest Analysis & Forecasts

Global Crop Watch - El Nino and the risk to Australian wheat & canola sowings

Grain Outlook Video - Geopolitics & Grain - 'The blockade has been blockaded'

Ukraine 2026/27 crop estimates

Weekly Grains Outlook

Daily Market News

A daily summary of key analysis, prices and factors driving markets

Need to ask an analyst?

Send us your questions

Grains dragged lower, as Iran-US ceasefire sends oil tumbling 17%

• Iran and US agree ceasefire which would reopen Strait of Hormuz
• Continued Israeli attacks on Lebanon put strain on deal
• Oil prices tumble, weighing on other commodities including grains
• Paris wheat falls below €200/t, rapeseed below €500/t

Daily Markets07/04/26

Oil Higher As Trump Sets Ultimatum Deadline For Tonight

• Donald Trump says a ’whole civilisation will die tonight’ without Hormuz deal
• Oil prices unusually involatile ahead of Trump deadline
• Wheat futures broadly follow, although US rain hopes dampen hard red winter
• London May-26 wheat futures set four-month closing high

Daily Markets02/04/26

Trump threat to hit Iran 'extremely hard' revives oil, wheat prices

• Donald Trump’s threat to hit Iran ’extremely hard’ revives Iran war fears
• Oil prices gain, encouraging buying in some grains too
• US wheat prices retreat from highs, as export sales disappoint
• European wheat futures retain support from sagging currencies

Daily Markets01/04/26

Wheat futures slip on retreating oil and US rains

• Donald Trump says Iran seeking a ceasefire, although denied by Iran
• Oil prices fall temporarily below $100/Bbl, before paring losses
• US wheat prices tumble, weighed too by forecasts for Plains rains
• Oilseeds weighed too. Rapeseed finds support at €505/t