Chicago grain futures fell, following a sharp drop in crude prices, as hopes for a potential truce between the US and Iran pushed down prices and forecasts of rain in parched US areas added to pressure on wheat.
Soybeans fell 0.2% to USD 11.92-3/4 a bushel, and corn fell 0.5% to USD 4.66-1/4 a bushel. Soybeans hit their lowest since April 28, while corn was at its weakest since April 27. Oil prices slid around 2% to below USD 100 a barrel on renewed hopes for a US-Iran peace deal that could gradually ease supply disruptions caused by the closure of the Strait of Hormuz.
“If the weakness in energy continues, grains may still have more downside ahead,” CM Navigator analyst Donatas Jankauskas said. Tehran said it was reviewing Washington’s peace proposal that sources said would formally end the war while leaving unresolved the key US demands that Iran suspend its nuclear programme and reopen the Strait of Hormuz.
Fluctuations in oil prices, driven by the war, have a significant impact on agricultural markets, as corn and soybean oils are used to make alternative fuels. At the same time, dry US wheat zones are expected to receive rain, although traders noted that precipitation may arrive too late for the crop in some regions.
According to the US Department of Agriculture’s weekly report, 31% of the nation’s winter wheat crop was in good to excellent condition, up from 30%, but the lowest for this time of the year since 2023. European traders said Algeria’s state grains agency OAIC had purchased 390,000 to 420,000 metric tonnes of milling wheat in an international tender.
In the last week of April 2026, Chicago wheat rose to its highest in nearly two years amid concerns over weather damage to American crops.
“The expected rain has also raised worries about delays to corn and soybean planting, though the USDA’s weekly report showed planting progress was ahead of the five-year average,” reported Reuters.