Daily Wheat Report

Futures. Wheat traded choppy on Thursday but found late-session strength. CBOT SRW Jul snapped its five-day slide to settle 624-0, +1-4 (+0.24%). KC HRW Jul 665-2, -4-4 (-0.67%). MIAX Spring Wheat Jul 677-2, -3-4 (-0.51%). Matif Sep 210.25, -0.25 (-0.12%). Volatile crude was the day's main directional input as multiple outlets reported a tentative US-Iran agreement to extend the ceasefire and reopen the Strait of Hormuz.

Hormuz/Energy. US and Iran have reportedly reached a tentative deal to extend the ceasefire by 60 days and lift restrictions on shipping through the Strait of Hormuz, pending Trump's approval. The framework would include the US lifting its blockade of Iranian ports and some sanctions on Iranian oil sales, with difficult issues including Iran's nuclear program deferred to subsequent rounds. Vance: "We're not there yet, but we're very close." Iran's Tasnim says the text has not been finalised. WTI dropped toward $88 and Brent closed near $94. US crude is now headed for its biggest monthly loss in more than a year.

Argentina. Buenos Aires Grains Exchange has the 2026/27 wheat crop at 14.2% planted, with last week's export tax cut to 5.5% starting June already supporting grower intentions. April wheat exports came in at 1.127 MMT, the smallest month of the year but one of the largest Aprils on record.

Australia. Rain has reset the eastern market this week. Northern prices have dropped hard as central and northern NSW caught useful falls and grazier demand evaporated. Darling Downs SFW has dropped $40-50. The northern market has gone from import parity into Brisbane to washouts in a couple of weeks. BOM's 29 May to 1 June four-day forecast is lighter at 5-25mm through the southern belt, but ECMWF's 15-day continues to load up the east coast and central NSW.