Grain Futures Trade in Tight Ranges Amid Ongoing Global Tensions

Corn, soybeans, and wheat futures traded in tight ranges overnight, showing little change from unchanged prices. This is a break from recent volatility swings.

The USDA reported daily export sales of 122,000 MT of soybeans for delivery to China during the 2026-27 marketing year.

Iran has reached an agreement with Oman on a proposed route for shipping through the Strait of Hormuz, which could lead to a reopening of the waterway for energy supplies. Iran's Foreign Ministry spokesman Esmail Baghaei said negotiations between the two countries are 'forward-moving' and that a deal would be struck 'if certain third parties do not obstruct this process.'

Ukraine struck two of Russia's oil refineries overnight, the Yaroslavl refinery and Bashneft's Novoil facility. Ukraine has intensified strikes on Russia's downstream industry, putting domestic supplies of gasoline and diesel at risk.