BEIJING: Chicago soybean futures stabilised after being briefly weighed down by slumping soyoil prices, which fell amid easing concerns over crude oil supply disruptions in the Middle East.
The most-active soybean contract rose 0.14% to $10.48-2/8 per bushel, snapping a two-day losing streak. Soyoil dropped 1.03% to 52.69 cents per pound.
Oil prices tumbled on Tuesday to their lowest level in more than a week after Trump said a ceasefire has been agreed on between Iran and Israel.
Soyoil tends to track crude oil prices because it is used in biofuel as a substitute for fossil fuel.
Soybean crop ratings held steady at 66% good to excellent, but slightly below analyst expectations, according to data from the US Department of Agriculture. Planting was 96% finished as of Sunday.
Corn eased 0.12% to $4.18-6/8 a bushel, hovering near its lowest level in 2025.
Analysts expect the upcoming warm, wet weather to support crop growth in the US corn belt.
Wheat slid 0.79% to $5.65 a bushel, pressured by benign weather and accelerating harvest activity.
Soybeans edge higher as soyoil rises on Middle East tensions; corn dips on favourable weather
Rain in the northern US Plains has improved moisture for spring wheat, while drier weather in the central and southern Plains favored winter wheat harvesting, according to weather forecaster Vaisala.
The winter wheat crop harvest accelerated to 19% complete, up from 10% last week and just below the average analyst estimate of 20%, according to US government data.
Commodity funds were net sellers of Chicago Board of Trade wheat, corn, soybean, soymeal and soyoil futures contracts on Monday, traders said.
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