CANBERRA/PARIS: Chicago corn and soybean futures rose on Thursday with support from crude oil, while wheat eased on rain forecast after a two-day rally on dry conditions in the US Plains.
The most-active corn position on the Chicago Board of Trade was up 0.9percent at USD4.47 a bushel by 1240 GMT, and soybeans added 0.8percent to USD11.66-3/4 a bushel.
CBOT wheat for July delivery was down 0.5percent at USD5.98-1/2 a bushel. Oil regained ground as optimism over a possible resumption of US-Iran talks to end their war was tempered by the ongoing closure of the Strait of Hormuz to regular shipping. Corn and soybean-derived soyoil are widely used in biofuel, making them sensitive to oil fluctuations. Corn also drew support from US export demand.
Wheat, meanwhile, has diverged from oil movements in recent days, with attention shifting to risks to US hard red winter wheat crops from drought in part of the US Plains.
Prices rose earlier this week after lower-than-expected weekend rainfall and a drop in weekly US crop ratings. The latest weather forecasts now show increased chances of rain relief. After more crop stress was expected this week in a swathe of the Plains, moisture in the central Plains from next week could avert further pressure on yields, the Commodity Weather Group said in a note.
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