GRAINS-Chicago soyabeans rebound after initial pressure from weaker soybean oil; corn and wheat dip
Chicago soybean futures stabilized after briefly being weighed down due to a drop in soyoil, which was attributed to easing concerns about crude oil supply disruptions from the Middle East.
The most active soybean contract increased 0.14%, to $10.48-2/8 a bushel. This ended a two-day loss streak. Soyoil fell 1.03% to 52.69cents per pound.
The oil prices fell on Tuesday, to their lowest levels in over a week, after Trump announced that a ceasefire had been reached between Iran and Israel. Soyoil is influenced by crude oil prices as it's used to make biofuel, a fossil fuel substitute.
According to the U.S. Department of Agriculture, soybean crop ratings remained at 66% excellent to good, slightly below analyst expectations. As of Sunday, planting was 96% complete.
Corn fell 0.12%, to $4.18-6/8 per bushel. It is hovering around its lowest price since 2025. Analysts predict that the warm and wet weather will support crop growth across the U.S. Corn Belt.
Wheat prices fell 0.79%, to $5.65 per bushel. The weather was benign and harvesting activity increased.
According to Vaisala, rain in the northern U.S. Plains improved moisture for spring grain, while dry weather in the Central and Southern Plains encouraged winter wheat harvesting.
According to U.S. Government data, the winter wheat harvest has accelerated and is now 19% completed, up from 10 % last week, but still below the average analyst estimation of 20 %.
Traders said that commodity funds sold futures contracts for Chicago Board of Trade corn, wheat, soybean, soymeal, and soyoil on Monday. Reporting by Ella Cao, Lewis Jackson and Vijay Kishore; editing by Janane Vekatraman and Vijay Kishore
(source: Reuters)
