BEIJING/PARIS: Chicago soybean futures rose for a third consecutive session on Thursday, as crude oil climbed further following Iranian attacks that deepened fears of a protracted Middle East conflict.
Wheat and corn also rose, with the strength in crude again offsetting a backdrop of ample global grain supplies.
The most-active soybean contract on the Chicago Board of Trade (CBOT) was up 1.4percent at USD12.30-1/2 a bushel, as of 1158 GMT, close to a 21-month peak of USD12.33-3/4 from Monday.
Higher crude prices can support soybeans as soyoil is widely used to produce biodiesel fuel. CBOT soyoil gained 1.1percent to 67.91 cents per pound. Crude also influences crop markets as part of commodity investment flows linked to geopolitical and economic factors.
“The macro backdrop is bullish - USD100 crude, a closed Strait of Hormuz, and reinflating inflation expectations all point higher for grain and oilseed markets,” Peak Trading Research said.
CBOT wheat advanced 1.4percent to USD6.03 a bushel and corn climbed 1.3percent to USD4.66-1/4 a bushel.
Oil prices rose sharply, with Brent crude briefly moving above USD100 a barrel, after Iraqi security officials said Iranian explosive-laden boats had hit two tankers.
The war in the Middle East is causing the biggest oil-supply disruption in the history of global markets, the International Energy Agency said on Thursday, a day after approving the release of a record volume of 400 million barrels of oil from strategic stockpiles.
Grain traders are also awaiting weekly US export sales data later on Thursday to gauge overseas demand.
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