2-sided trade occurred overnight, as Iran/US talks shifted.

June 22, 2026

Grain Overview

Grain futures did open higher last night, with crude oil pushing $78.00 amid vitriol between the US and Iran over reports that the MOU was falling apart. Overnight headlines shifted that, by morning, we have crude oil off $1.31, trading at 74.54, as the Iranians stayed at the table despite their threat to leave and agreed to nuclear inspections.

Soybeans remained firm overnight, as US soybeans are priced in line with South American beans, while wheat values softened amid heavy hedge pressure. French milling wheat is sharply higher by $4.25 a ton (equivalent to a 12-$0.14/bushel gain) as heat and dryness overcome the EU.