PARIS/SINGAPORE: Chicago soyoil futures rose to their highest since late 2022 on Tuesday, supported by strength in crude oil as a standoff over the Strait of Hormuz threatened more escalation in the US-Israeli war with Iran.
Wheat, however, fell for a second day as forecasts of rain this week in a swathe of US Plains tempered concerns about drought stress to crops.
Price moves were moderate as investors awaited war developments while crop traders were also looking ahead to a monthly US Department of Agriculture crop report on Thursday.
The most-active soyoil contract on the Chicago Board of Trade (CBOT) was up 0.6percent at 70.38 cents per pound by 1258 GMT, after earlier reaching its highest since December 1, 2022, at 70.47 cents. CBOT soybeans ticked up 0.1percent to USD11.68 a bushel, while corn eased 0.4percent to USD4.52 a bushel CBOT wheat fell 0.5percent to USD5.92-1/4 a bushel. “Overall the week promises to be eventful both on the geopolitical side, with Trump’s deadline for Iran to open the Strait of Hormuz, and on the fundamental side, with the USDA report due on Thursday,” CM Navigator analyst Donatas Jankauskas said.