Corn extended its rally as the Pro Farmer Crop Tour kept pressure on USDA yield expectations, while wheat remained supported by constrained Black Sea exports and tighter global crop forecasts. Bloomberg also reported that the U.S. is preparing tougher economic measures against Iran, with China emerging as the key test of Washington’s strategy.

Wheat rallied as Russian and Ukrainian export flows weakened, while disappointing Pro Farmer Crop Tour results increased concerns over U.S. corn yields. Meanwhile, CNBC reported that President Donald Trump announced a major new economic pressure campaign against Iran as Strait of Hormuz traffic remained well below pre-war levels.

Wheat eased as the Black Sea risk rally lost momentum, while weaker Pro Farmer Crop Tour results kept attention on U.S. corn yields. In Europe, wheat estimates and export data remained in focus, while CNBC reported that President Donald Trump paused planned 50% tariffs on certain Canadian imports following trade talks with Prime Minister Mark Carney.

U.S. corn remains supported by strong export demand and weaker early crop-tour yields, while Black Sea disruption continues to hang over wheat. Meanwhile, U.S.-Iran tensions are rising again as President Donald Trump rejects an extension of the truce agreement.

Wheat volatility intensifies as Russian and Ukrainian Black Sea grain exports face major disruption, while U.S. pressure on Iran increases with new economic measures and a continued Strait of Hormuz blockade.

Escalating Black Sea grain disruptions, pressure on Russian and Ukrainian exports, South American crop developments, and the latest U.S. measures against Iran.

Escalating Black Sea export disruption, a bullish USDA corn update, Russian and Ukrainian grain logistics, and the growing pressure on Ukraine’s alternative export routes.

Pressure on wheat ahead of WASDE, EU and Russian export prospects, expectations for U.S. corn, and renewed Middle East shipping risks.

Continued Black Sea disruption, Ukrainian and Russian export developments, strong U.S. corn demand, crop progress, and the deepening standoff over the Strait of Hormuz.

Renewed Black Sea shipping risks, the outlook for U.S. corn, worsening French crop prospects, and President Donald Trump’s latest approach toward Iran and the Strait of Hormuz.