Crude oil turns higher overnight, as an Iranian oil field is struck

March 18, 2026

After a softer overnight trade, wheat and corn took a positive tone at the end of the night session, with soybeans returning to a mixed result and the bull spread continuing to unwind. The July/Nov bean spread is now $0.20 apart. Brazil’s soybean harvest is making steady progress, and safrinha corn planting continues to advance, though yield prospects vary by region. In Argentina, the concern remains on the southern side of the country, where persistent dryness is weighing on crops, even though the full extent of the damage remains uncertain.

China is also staying on the radar, with ongoing issues tied to new-crop wheat production and lingering quality concerns in old-crop supplies. This also includes US winter wheat crops that were hit by a freeze this week and will now endure very warm temperatures with no moisture by late this week.