06/22/2025 Sunday Market Preview

The start of a heatwave may inject weather risk premium into the grains to open the week, assuming the commodity space also benefits from the tailwind of oil prices rallying in response to the weekend strike against Iran. In the Headlines U.S. forces used bunker-buster bombs to strike three nuclear facilities in Iran this weekend. Iranian leaders tried to downplay the effectiveness of the operation, but President Trump said the underground nuclear sites were “completely and fully obliterated.” There will additional developments according to Iran’s response and as U.S. officials continue to give briefings to the public. All markets should show reaction to the widening conflict, but crude oil remains the most sensitive as one possible point of retaliation includes Iran attempting to close the Strait of Hormuz, which has recently handled some 20 percent of global oil flows. Another Russian strike against the Ukrainian port city of Odesa occurred late last week. There was damage to a railroad after what Ukraine reported was an attack by 86 drones. An earlier skirmish around Odesa was thought to have contributed to sparking the 25 cent rally for wheat futures on Wednesday last week. The recent return of focus on the port…