Overnight, Pres. Trump flips from a deal within days, to we may have to strike Iran again.

June 10, 2026

Grain Overview

The grain trade rose overnight, with wheat leading the recovery. Monday has proven to be another significant low point for the grain trade, prompting a recovery (reflex) rally. This rally was accentuated at 6:00 a.m. CST this morning when Pres. Trump flipped on his comments that a deal is all within days, to saying we may have to put more strikes against Iran to get them to compromise. This pushed wheat to a new weekly recovery high, while corn and soybeans challenged their weekly highs.

After a prolonged selloff, soybean products are finally offering the soy complex a measure of support. Soybean futures have been under heavy pressure, closing lower in 15 of the last 18 sessions, including 8 straight losses. While the break has improved the position of US soybeans in export markets, South American supplies continue to be the lower cost option for global buyers. The recent price action serves as a reminder of how far out of line US soybean values had become compared to competing origins.