West Central Ag Grain Comments 07/30/26 8:01:13 AM
7/30/26
- Good morning. Ag markets are mostly higher this morning coming out of the overnight session, with the wheat market leading the recovery charge on news of fresh Ukrainian strikes on Russian port logistics and as tensions in the Middle East continue to simmer. Inversely, world energy markets are also taking a bit of a breather after the run-up yesterday, but overall, its the same mix of weather and geopolitics that have driven prices all week that likely stay at the forefront today and into the weekend. Yesterday, the focus was on Midwest weather; today, at least early on, it seems that focus has shifted back towards geopolitics.
Corn futures to start Thursday are trading 1-2 cents higher, soybean futures are trading near unchanged, and the Chicago wheat market is trading 18-20 cents higher. - Wheat futures in Europe were up more than 3% last night on news that Ukrainian drones had inflicted significant damage on a Russian grain export terminal at its Taman port, which resides on the Kerch Strait connecting the Sea of Azov with the Black Sea. The facility is said to have around 5 million tons of grain capacity.
- ?US Central Command posted to social media last night that American forces began launching another round of strikes at Iran around 7pm central time, with sources indicating this package was around twice the size of previous ones and hit targets including command centers, missile/drone facilities, coastal defense sites and other maritime assets. Other headlines from the region overnight include Iranian attacks on a US-owned floating storage tanker at a port in Egypt.
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