BEIJING: Chicago soybean and soyoil futures edged higher on Wednesday, supported by a rebound in oil prices as investors monitored the fragile ceasefire between Iran and Israel.
The most-active soybean contract rose 0.24% to $10.39-4/8 per bushel after three straight sessions of losses. Soyoil gained 0.78% to 53.02 cents per pound.
“Soybean and soyoil are taking a breather as they overshot a bit to the downside,” said Ole Houe, head of advisory services at IKON Commodities in Sydney.
Oil prices edged higher after plummeting in the last two sessions, underpinning soyoil, which often tracks crude because it is used in biofuel as a substitute for fossil fuel.
“The crude oil market has stabilised at levels marginally higher than before the Israel-Iran war so that has given some confidence we don’t need to slide too much for now,” Houe said.
Warm, rainy weather in the US Midwest is expected to aid crop development in the coming days, according to forecasters.
Corn eased 0.06% to $4.16 a bushel, hovering near this year’s lowest level, as benign weather across the US Corn Belt and strong global crop prospects pressured prices.
In Brazil, farmers are estimated to produce a record 123.3 million metric tons of second corn, agribusiness consultancy Agroconsult said on Tuesday.
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Second corn, which Brazilian farmers are harvesting now, will account for about 80% of national output this year. It is mainly exported in the second half, competing with US corn suppliers on global markets.
Wheat slid 0.45% to $5.49-4/8 a bushel, weighed by a strong production outlook across the northern hemisphere and accelerating harvest activity.
Argus Media raised its forecast for Russia’s 2025-26 wheat output to 84.8 million tons, up from 81.3 million tons a year ago.
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