John Heinberg at Total Farm Marketing said, “Wheat futures posted double-digit losses across all classes on Monday, as broader commodity markets turned risk-off amid heightened geopolitical tensions. The U.S. bombing of Iranian nuclear sites over the weekend was met with reports of Iranian missile retaliation targeting a U.S. base in Qatar. Interestingly, crude oil fell $4–5 per barrel, likely due to the lack of damage to energy infrastructure and the continued operation of the Strait of Hormuz—nonetheless, crude’s weakness may have pressured grains as well.” Argus media increased their 2025/26 Russian wheat production estimate to 84.8 million tons, up 4.5 million from their forecast in March and above the current year’s harvest at 81.3 million.”