Chicago soybean futures rise as oil prices surge
- soybeans contract on the CBOT was up 0.5% at $11.96-3/4 a bushel
BEIJING: Chicago Board of Trade’s soybean futures rose on Monday, with higher soyoil costs,after intensifying fighting in the Persian Gulf and Iran’s claim to have closed the Strait of Hormuz sent crude oil prices surging.
Wheat and corn also climbed.
The most-active soybeans contract on the Chicago Board of Trade (CBOT) was up 0.5% at $11.96-3/4 a bushel by 0210 GMT. Wheat gained 1.1% to $6.47 a bushel while corn rose 1.3% to $4.66-3/4 a bushel. Soyoil gained 1.09% to $69.73 per pound.
Oil prices jumped on Monday as Iran expanded strikes on Gulf states following attacks by the United States.
Soybeans and corn also rose after a monthly report from the U.S. Department of Agriculture projected smaller-than-expected world inventories of grains and oilseeds.
The agency left its soy ending stocks forecast unchanged at 310 million bushels, while analysts on average had expected an increase to 330 million bushels.
The USDA lowered its projection of U.S. 2025/26 corn ending stocks to 2.020 billion bushels, down from 2.145 billion previously and below an average of analyst estimates for 2.073 billion.
Separately, the USDA projected that U.S. farmers would harvest the smallest wheat crop in 56 years.
The agency lowered its forecast of global wheat supplies remaining at the end of the 2026/27 marketing year to 272.84 million metric tons, lower than most analysts expected and a drop from 279.04 million tons the prior year.
Traders are also monitoring the Black Sea grain region after Russia temporarily stopped shipping through the Don-Azov channel, a waterway linking the Don River with the Sea of Azov, following a Ukrainian attack on 13 Russian vessels in the Sea of Azov on Friday.
In major wheat producer Argentina, farmers were selling unusually little of their new wheat crop even as planting moves ahead quickly, the Rosario grains exchange said in a report on Friday, pointing to lower forward prices and growing concern about future supplies.
Commodity funds were net buyers of CBOT corn, wheat and soy futures, traders said on Friday.
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