New trading month with overnight action mostly firm due to crude oil.

June 1, 2026

Grain Overview

Grain markets started the new month on a firm tone, which later turned mixed overnight, as soybeans and wheat moved higher while corn traded slightly lower. Most of the attention was focused on growing tensions in the Middle East. Pres. Trump sent a list of changes in the current cease-fire agreement, while there are reports of renewed fighting involving the U.S. and Iran, along with additional attacks across the region, which injected fresh uncertainty into global markets. While the White House continues to signal that a ceasefire remains in effect and that hostilities are easing, traders appear unconvinced. The market’s reaction tells a different story, with investors adding risk premiums back into several commodities.

Crude oil led the move higher, gaining more than $3.00 per barrel overnight. The strength in energy markets is providing support across the commodity space, including agriculture. Soybeans are benefiting the most from external influences, with soy oil dealing with RINS and record large margins of over $4.00/Bu being reported. This is helping to drive the advance in soybeans.