07/08/26 Add Geopolitics Back Into the Mix

07/08/2026 Click Above to Watch the Morning Market Talk Video Add Geopolitics Back Into the Mix On the Grains Crude oil futures surged overnight as President Trump declared the U.S./Iran ceasefire “over.” Trump’s remarks came after the two sides exchanged strikes and the U.S. revoked a waiver allowing Tehran to sell oil. Soyoil futures jumped to a three-week high amid the surging crude oil. Markets will be intently focused on President Trump’s news conference this morning before departing the NATO conference in Ankara, Turkey. November soybeans pushed to the $12 level on support from soyoil and additional Chinese buying, as state-owned Cofco booked at least another five cargoes of U.S. soybeans for fall delivery. December corn futures pivoted around unchanged overnight, with December getting within a tick of the $4.66 level we’ve mentioned as an upside target before pulling back. December SRW and HRW futures are nearly back to their mid-June peaks. Aside from weather and Chinese demand, geopolitics are back in play as a factor in near-term money flow for grain and soy markets. Grain and soy traders will also start positioning for USDA’s July WASDE and Crop Production Reports on Friday. Following are pre-report estimates for U.S. old-…