Conflicts Drive Up Grain and Oilseed Prices Globally

The global grain and oilseed market is experiencing significant price increases due to ongoing conflicts in various regions. The US launched more strikes on Iran, causing a sharp spike in crude oil prices, which in turn boosted soybean futures at the Chicago Board of Trade.

Soybean ratings dropped two points to 58% good to excellent, while soybeans setting pods rose four points to 95%. A private sale for 136,000 tonnes of 2026/27 soybeans was announced by the USDA for China.

Corn futures also rose due to the spillover from crude, soy, and wheat prices. The US spring wheat harvest progressed 15 points to 77% complete, nine points above the five-year average. Russia's attacks on Ukraine contributed to higher wheat futures.