Risk-off with the overnight commodity theme. Wheat finds support.

July 27, 2026

Grain Overview

The grain trade opened lower Sunday night in sympathy with sharply lower crude oil, creating a risk-off event across the commodity complex. At one point, corn and wheat traded slightly higher on the session but then crumbled overnight as managed money continued its liquidation. Additional selling developed during the night session after China commented that it was unhappy with Pres. Trump’s additional tariffs imposed last week, which increased tariffs on Chinese goods by another 2.5%. That added further selling pressure to soybeans and corn overnight.

The sharp break in crude developed late Sunday as hostilities agreed to end, as weekend discussions between Oman and Iran centered on commercial shipping through the Strait of Hormuz, which remains the focal point of tensions in the region. Talks reportedly focused on routing vessel traffic through Omani waters versus Iranian territorial waters. Oman described the meetings as constructive, while Iran maintained there has been no change in shipping conditions and reiterated its control over the Strait.