Global Grain and Oilseed Market Surges on Conflict-Driven Price Increases

The global grain and oilseed market is experiencing price increases due to ongoing conflicts in key regions. Crude oil prices spiked sharply on Tuesday, following the US's launch of more strikes against Iran. As a result, soybean futures at the Chicago Board of Trade rose significantly.

The US Environmental Protection Agency (EPA) granted 18 small refinery exemptions for 2025 and 11 refineries received partial exemptions, contributing to the surge in crude oil prices. The EPA's decision was announced on Monday, which further fueled the price increase.

The US Department of Agriculture reported that soybean ratings dipped two points to 58% good to excellent, while soybeans dropping leaves rose seven points to 13%. The USDA also announced a private sale of 136,000 tonnes of 2026/27 soybeans to China. Ahead of the crush report, traders expected an average of 220.1 million bushels of soybeans with soyoil stocks at 1.88 billion pounds.

Corn futures also rose on Tuesday, following the spillover from crude, soy, and wheat prices. The USDA reported that corn matured moved up seven points to 13%, while corn dented advanced 17 points to 62%. Wheat futures were stronger due to Russia's attacks on Ukraine, which struck back at a Russian oil refinery.