Iran/US Events Affect Ag Market Prices

It's unclear just how the events taking place in the middle east right now between Iran and the US, will affect market prices, including agriculture commodities.

 

Adam Pukalo with PI financial says the bombing near Baghdad that killed a top Iranian government official started pulling down grain markets on Friday.

 

"That is sending a little bit of a ripple effect throughout the markets here. Gold futures are increasing about $25. Oil is up about $2.25. Overall that is bringing down the grain markets here today, with most notably, soybeans lower by about .18 cents. It isn't the right foot to start off on the new year here but this is where day events like this may not have a long term lasting effect. however, nobody will know if this will add more global tension in the world."

Video: USDA Feb Crop Report a WIN for Soybeans + 1 Year Trade Truce Extension

USDA took Trumps comments that China would buy more U.S. soybeans seriously and headline news that the U.S./China trade truce would be extended when Trump/Xi meet in the first week of April was a BIG WIN for soybeans this week! 2026 “Mini” U.S. ethanol boom thanks to 45Z + China’s ban of phosphates from Feb. – August of 2026 will not help lower fertilizer prices anytime soon! 30 mmt of Chinese corn harvest is of poor quality and maybe a technical breakout in wheat futures.

*Apologies! Where we talk about the latest CFTC update as of 10th Feb 2026, managed money funds covered their net short position in canola to the tune of +42,746 week-on-week to flip to net long 145 contracts and not (as we mistakenly said) +90,009 wk/wk to 47,408.