Wheat slips on hopes for Iran deal
DBA•Corn and soybeans also ease; Chinese buying supports beans
In other crops, CBOT corn Cv1 was down 0.5% at $4.61-3/4 a bushel and soybeans Sv1 fell 0.3% to $11.84-1/2 a bushel.
Chinese government buyers purchased at least 14 cargoes of U.S. beans on Friday, among the largest single-day purchases since China started buying from the U.S. in late June, traders said.
Large speculators switched to a net long position in CBOT corn futures in the week to July 28, regulatory data showed. They trimmed their net short position in wheat and raised their net long position in soybeans.
Wheat futures fall as Iran deal hopes weigh on grain markets
Chicago wheat futures fell on Monday as prospects for a deal between the United States and Iran raised hopes for freer flow of oil and fertiliser through the Strait of Hormuz.
Corn and soybean futures also dipped, while Brent oil prices tumbled more than 5% to around $83 a barrel after U.S. President Donald Trump said he had called off an imminent attack on Iran and talks would happen on Monday.
Gulf states are major suppliers of fertiliser, which is vital for maintaining crop production.
The most-traded wheat contract on the Chicago Board of Trade (CBOT) Wv1 was down 0.4% at $6.37 a bushel at 0554 GMT.
Prices fell sharply on Friday in what some traders said was end-of-month profit taking, but CBOT wheat is still up around 25% so far this year due to a tightening of global supplies.
"I don't see much room to rise," said Rabobank analyst Vitor Pistoia. Following crop losses in the United States earlier this year, wheat in most other major exporting nations is in decent condition, he said.
Russia and Ukraine have been attacking one another's grain exports, but a complete shutdown of shipments from the Black Sea does not yet seem likely, Pistoia said.
