Wheat and soybean prices reach two-year highs due to the impact of the Middle East war
The international grain markets have once again come under the influence of geopolitics. The escalation of the conflict in the Middle East, the intensification of the war between Russia and Ukraine, and new trade tensions driven by the United States have led to a sharp rise in the prices of wheat, soybeans, and corn, in a scenario of increasing uncertainty about global supply.
According to the latest weekly report from the Rosario Stock Exchange (BCR), prepared by Ana Rubicondi, Facundo Pennino, Matías Contardi, Emilce Terré, and Julio Calzada, wheat and soybeans reached their highest levels in the last two years, while corn also consolidated a sustained recovery.
Wheat reaches three-year highs
Wheat was one of the crops that reacted most to the international scenario. In Chicago, the price reached $259 per ton, the highest value since 2023, after accumulating increases of between 7% and 9% since early July.
The main factor behind this movement was the deterioration of the geopolitical context. The breakdown of the truce between the United States and Iran raised the risk over energy trade routes, while the conflict between Russia and Ukraine added new difficulties for agricultural trade in the Black Sea.
In particular, the temporary closure of the Kerch Strait complicated the exit of goods from Russia, one of the world's largest wheat exporters. As a result, the consulting firm Sovecon reduced its estimate of Russian exports for July by 25%.
This scenario is compounded by production problems in Europe. High temperatures and water deficits affected the French harvest and led to new downward revisions of production in the bloc.
In the Argentine market, the international rebound also began to translate into prices. Contracts for delivery in December 2026 and January 2027 reached the highest values of the year and stimulated early price fixing, which multiplied by eight the average of the previous weeks.
Corn gains momentum amid demand and weather
Corn also showed a strong recovery during July, although driven by a combination of local and international factors.
In Argentina, the harvest is progressing over 78% of the planted area, with a delay of 9.1 percentage points compared to the average of the last five years due to rains and high grain humidity.
Despite the delays, external demand remains strong. During the first week of July, shipping commitments reached 3.4 million tons, and exports for the month could exceed 4.8 million, one of the highest records of the year.
Export pressure was also reflected in prices. The board price rose to $190 per ton, while in Chicago, the cereal advanced to $182.4, up from the $165 recorded at the beginning of the month.
Globally, the European situation also adds uncertainty. The USDA reduced its corn production estimate for the European Union and raised the import needs of the bloc, while the condition of crops in France remains well below that observed a year ago.
Soybeans surpass $450 again
Soybeans also found strong support in the energy market. The rebound in oil, which returned to above $90 per barrel due to tensions in the Middle East, improved the outlook for biodiesel production and strengthened demand for oilseeds.
In this context, soybeans reached $455 per ton in Chicago, the highest level in over two years. Unlike wheat, the oilseed also received a boost from demand. According to the United States Department of Agriculture (USDA), China has already purchased 2.26 million tons of U.S. soybeans for the 2026/27 campaign, in a context where North American exports continue to be relatively low and domestic demand maintains strong competition for available goods.
For the Rosario Stock Exchange, this renewed buyer interest allowed soybeans to consolidate a new price level above that observed during the first half of the year.
The United States adds pressure with new tariffs
A new trade front has been added to the war scenario. The Trump administration announced a new tariff scheme under Section 301 of the Trade Act of 1974, with additional rates of between 10% and 12.5% for products from about 60 trading partners.
Argentina was subject to a minimum additional tariff of 10%, although several strategic products were exempted, including beef, crude oil, and lithium carbonate. In contrast, other exports such as bottled wine and honey were indeed affected by the new scheme.
For the BCR, the combination of geopolitical conflicts, climatic problems, logistical restrictions, and new trade barriers maintains high uncertainty about global grain trade and explains much of the recovery shown by international prices in recent weeks.
This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.
You may also like

IOSG: From Hot Storage to Cold Memory, Decentralized Storage Amidst the AI Era's Storage Boom

Advasa and INTMAX: Pioneering the Future of Earned Wage Access with Quantum Resilience Technology at WebX2026

Bitcoin Asia 2026 Presents Comprehensive Business Development Initiatives in Hong Kong

Cryptocurrency as Backend

gumi and SBI Launch Cryptocurrency Fund with Investment from Daiwa Securities Group

Seagate's Earnings Call Counteracts Market Pessimism: Revenue and Gross Profit Growth Expected in FY2027, Nearline Capacity Secured Until 2028, Clients Already Planning for 2029

Dollar Saving Strategies for a Trip: How to Set Goals Before Buying Tickets

Risk Events Are Everywhere! Market Volatility Significantly Intensifies

A delivery worker needs to complete nearly 150 deliveries a month to avoid poverty and over 450 to support a household

Santiago Mele Signs Contract with Independiente: His Arrival and the Future of the Rojo's Market

The Harsh Sanction to Be Imposed in Brazil That Could Extend to World Football

TradFi perpetuals double to $2B on crypto exchanges: CryptoQuant report

A Brewery Discovers How to Harness the Heat from Bitcoin Miners

New York Gold, Bonds, and Dollar: 'Oil Price Drop vs. Tightening Concerns'... Dollar, Interest Rates, and Gold Prices Decline Together

Visa Reports $5.6 Billion Profit, But Disappoints Wall Street on Earnings Per Share

Exchange Closures Accelerate Bitcoin Concentration in Binance Reserves

US Senate Postpones Vote on Clarity Act to Next Week

ANSES Sustainability Guarantee Fund: Key Aspects of Its Investment Portfolio and Profitability

Increased Pressure on Pensions: 34 Self-Employed Workers Needed to Fund an Average Pension

Claude Mythos Cracked Post-Quantum Cryptography That Humans Spent Years Failing to Break

Governors Resume Summits with Demands Agenda to the Nation

Mining Boom: San Juan Seeks to Issue Debt of $500 Million to Finance Strategic Projects

Bitcoin Suspended by Fed Decision: What’s at Stake This Wednesday

Marc Cucurella Keeps His Promise and Tattoos Luis De La Fuente After the 2026 World Cup

Chainlink's CCIP Absorbs $7 Billion in a Massive Migration of Protocols

Grok 4.6 gets Aug. 7 launch date, Grok 4.7 follows

Juan Grabois Meets Peter Thiel: Artificial Intelligence, the Antichrist, Universal Income, and Argentina's Role

Trump and Netanyahu Meeting... Oil Prices Plummet Amid Search for Diplomatic Solutions

The wholesale dollar has gone five days without declines, although it remains below $1,500














