Soybeans, corn decline as oil slumps on Middle East optimism
DBA•Wheat holds near two-year high
Wheat was largely unchanged after climbing to a two-year high on Friday, with concerns over the Russia-Ukraine war and its impact on grain exports underpinning prices.
"Given that tensions remain heightened, prices are likely to remain relatively well-supported," ING said in a note, referring to the move in wheat futures.
Wheat Wv1 added a quarter of a cent to $6.78-1/4 a bushel.
Soybeans and corn fall on weaker crude
Chicago soybeans and corn slid on Monday, weighed down by a sharp drop in crude oil prices on optimism that diplomatic efforts could de-escalate the conflict in the Middle East.
The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 fell 0.9% to $12.41-3/4 a bushel by 0337 GMT, and corn Cv1 declined 1% to $4.82-1/2 a bushel.
Black Sea disruptions continue to support prices
Oil prices tumbled 5% after the U.S. and Iran paused strikes over the weekend following two weeks of attacks, raising hopes of a diplomatic solution that would de-escalate the conflict and allow shipping to resume in the Strait of Hormuz.
Prices of agricultural products are often influenced by energy markets, with the rapidly growing use of farm goods in biofuel production.
Attacks on grain infrastructure and ships by Russia and Ukraine continued to hamper the movement of cargoes, threatening supplies to importers in the Middle East, Africa and Asia.
