Sharp gains in Euronext corn and French milling wheat lift US grain values.

July 22, 2026

Grain Overview

Grains are all sharply higher this morning, led by the wheat trade. It is not just a heat story; it is also a war story and a demand story that continues to keep the market firm overnight, pushing wheat to new highs for the year. The latest move is being led by French milling wheat, which is up €10.00/MT this morning to €244.75 (equivalent to about a $0.29-per-bushel gain), while Euronext corn is higher by €7.50/MT at €259.24 (roughly a $0.22-per-bushel gain). European weather forecasts remain locked into the worst drought in decades, with hot and dry conditions expected to persist for at least the next 10 days, pushing EU corn production well below 50 MMTs. World grain values continue to climb, and US corn and wheat prices are chasing those higher values. Meanwhile, Argentine farmer soybean sales remain slow, with US soybean meal carrying much of the strength in the soybean complex.

The Strait of Hormuz remains closed as fighting intensifies. Crude oil traded as high as $88.60 overnight before easing back, although the September WTI contract was still up $2.61 this morning at $86.90. With oil movement through the Strait of Hormuz effectively shut down, strategic petroleum reserves have been drawn to their lowest levels in 43 years following heavy sales to Europe and Southeast Asia. Those exports will eventually need to slow, placing additional upward pressure on Brent North Sea crude. Let’s just say the biofuels story could quickly come back into vogue.