04/07/2026 Rainy Forecast Trumps Below-Average Wheat Conditions

04/07/2026 Click Above to Watch the Morning Market Talk Video Rainy Forecast Trumps Below-Average Wheat Conditions On the Grains Wheat futures led a round of losses during the overnight session, despite a below-average initial winter wheat crop condition rating from USDA on Monday afternoon. Rains forecast over the central U.S. into at least mid-April pressured winter wheat markets to their lowest level in nearly two weeks. Corn followed to the downside. Soybeans have worked off their overnight lows as soy oil has firmed along with crude oil. The broader marketplace is keenly watching the U.S./Iran war situation. Negotiators are pessimistic Iran will bend to meet President Trump’s demand to reopen the Strait of Hormuz before his 8 p.m. ET deadline. Markets wait to see if there is a last-minute deal, if Trump again extends his deadline or if the U.S. and Israel unfurl another wave of attacks, expected to target Iranian bridges and power plants. HRW Crop Struggling; Rains on The Way USDA’s initial winter wheat crop condition ratings for the spring came in at 35% good/excellent, down 13 percentage points from last fall and six points below the five-year average. Conditions are especially poor in HRW states, while SRW…