Wheat slips on hopes for Iran deal

Oil prices skidded, and stocks wobbled on Monday as hopes for peace in the Middle East grew, while the yen jumped suddenly after the U.S. and Japan confirmed joint intervention to prop up the frail currency. MKTS/GLOB

CANBERRA, Aug 3 (Reuters) - Chicago wheat futures fell on Monday as hopes for a deal between the United States and Iran raised the prospect that the Strait of Hormuz could open, allowing freer flow of oil and fertiliser.

Corn and soybean futures also dipped.

• The most-traded wheat contract on the Chicago Board of Trade (CBOT) Wv1 was down 0.5% at $6.36-1/4 a bushel at 0121 GMT.

• CBOT corn Cv1 fell 0.9% to $4.59-3/4 a bushel and soybeans Sv1 slipped 0.7% to $11.79-1/4 a bushel.

• Oil prices tumbled around 4.5% to $84 a barrel after U.S. President Donald Trump held off on a fresh attack on Iran, seeking to reach a quick deal that would halt Tehran's nuclear ambitions and reopen the Strait of Hormuz.

• Gulf states are major suppliers of fertilizer that is vital to maintain crop production.

• Chicago wheat fell sharply on Friday in what some traders said was end-of-month profit taking, but prices are still up around 25% so far this year due to a tightening of global supplies.