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

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

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

Daily Markets

Analysis of May USDA WASDE

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

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

Daily Markets

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

Latest Analysis & Forecasts

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

Daily Market News

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

Need to ask an analyst?

Send us your questions

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