Chicago soybeans flat on favourable weather, soyoil supports
BEIJING/PARIS - Chicago soybean futures were flat on Tuesday, torn between favourable U.S. crop weather and still strong soyoil prices despite a small fall after a sharp two-day rally, fuelled by surging crude oil and stronger U.S. biofuel blending mandates. The most-active soybean contract was unchanged at $10.69-3/4 per bushel, as of 1145 GMT. Soybeans had touched a one-month high and soyoil a 20-month high on Monday. Analysts said Iran-Israel tensions could add volatility to grain markets through energy price shocks. "At present eyes across all markets are on what is occurring in the Middle East," said Andrew Whitelaw, agricultural consultant at Episode 3. "The region is a huge contributor to the energy markets, and these markets have a huge impact on grain pricing levels." Soyoil dropped 0.3% at 54.95 cents per pound, as traders took profits, removing some support for soybeans. Soyoil is used to make biodiesel, and is therefore influenced by oil prices.
These rose on Tuesday on rising disruptions from the Iran-Israel conflict, although major oil and gas infrastructure and flows have so far been spared from any substantial impact. The oilseed also continues to face headwinds from weak demand, tariff uncertainty and global competition. Corn slipped 0.06% to $4.35 a bushel, pressured by beneficial weekend rains across key growing regions, including parts of the Plains and the northwest and southeastern Midwest. However, strong export data helped curb losses. U.S. corn inspections in the latest week reached about 1.67 million metric tons, at the high end of trade expectations.
Weekly condition ratings for the country's corn crop also improved and were tied for the highest for this time of the season in several years, according to U.S. government data. Soybean ratings declined. rose 0.65% to $5.40 a bushel, though harvest pressure capped gains. The U.S. winter wheat harvest is expanding after a slow start. The USDA said the winter wheat crop was 10% harvested, up from 4% a week ago but behind the five-year average of 16%. Analysts on average had estimated harvest progress at 11%. In France , the farm ministry on Tuesday forecast a strong rebound of the country's 2025 winter barley and rapeseed production from rain-hit crops last season. Commodity funds were net buyers of Chicago Board of Trade soyoil futures contracts on Monday and net sellers of corn, soymeal, wheat and soybean futures, traders said.
Prices at 1145 GMT Last Change Pct Move CBOT wheat 540.00 3.50 0.65 CBOT corn 435.00 0.25 0.06 CBOT soy 1069.75 0.00 0.00 Paris wheat 199.75 -0.50 -0.25 Paris maize 185.75 0.25 0.13 Paris rapeseed 490.00 1.00 0.20 Euro/dlr 1.16 0.00 0.03 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne
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