Analysts expect Iran, which is having its presidential election on June 18, to increase its production by 500,000 to 1 million barrels per day once sanctions are lifted.
"The current moisture levels and the outlook for the coming 2021/22 Australian grain winter crop are looking good in most areas so far and may well continue to improve," Ole Houe, a director at brokerage IKON Commodities in Sydney, said.