U.S.-Iran Hostilities Resume, Driving Crude Oil Prices Higher

Grain futures prices are lower overnight as bears in soybean and wheat markets sense opportunity. The U.S.-Iran hostilities have resumed, pushing crude oil prices higher.

The daily charts for November soybeans, September SRW wheat, and September HRW wheat show bearish broadening patterns, indicating a topping process may be underway. Meanwhile, the meal futures market has turned south rapidly, worrying bean bulls. The grain market bulls can still make 'saves' to keep their price uptrends alive but will likely need to do so this week.

U.S.-Iran hostilities resumed after a brief lull, with Iran firing on American forces and the U.S. and Saudi Arabia striking Tehran-backed militias in Iraq. This has led to a rally in crude oil prices, with Brent trading up almost 4% to $87.10 a barrel.