GRAINS-Chicago soybeans gain on rising soyoil prices; wheat slips
BEIJING, March 2 (Reuters) - Chicago soybean futures rose on Monday, tracking gains in soyoil prices after crude oil climbed amid an ongoing military conflict in the Middle East.
However, a record soybean harvest in Brazil and an uncertain demand from China kept the gains in check.
Wheat pulled back from a one-year high hit last Friday, while corn prices remained flat.
FUNDAMENTALS
The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 added 0.32% to $11.74-1/2 a bushel by 0109 GMT. Soyoil BOcv1 gained 2.22% to 63.22 cents per pound.
CBOT wheat Wv1 dropped 0.25% to $5.9 a bushel. Corn Cv1 was steady at $4.48-1/2 a bushel.
Oil prices jumped 7% to their highest in months on Monday, as Iran and Israel stepped up attacks in the Middle East. Soyoil often tracks crude because it is used in biofuel as a substitute for fossil fuel. O/R
Chinese demand for U.S. soy remains unclear after the Supreme Court overturned several U.S. tariffs, prompting President Donald Trump to introduce new ones.
Meanwhile, traders are monitoring logistical hurdles in Brazil, where truck drivers are facing unusually long delays to deliver soybeans at the Miritituba port, straining one of the world's key export hubs for the crop.
U.S. soybean processors likely crushed 6.789 million short tons, or 226.3 million bushels, of soybeans in January, per analysts surveyed ahead of a monthly U.S. Department of Agriculture report due later in the day.
Rain and mild weather in the U.S. Plains farm belt have eased concerns about U.S. winter wheat crop conditions.
MARKETS
Oil prices surged on Monday and shares slid, as a military conflict in the Middle East looked set to last weeks, sending investors flocking to the relative safety of the dollar, gold and bonds. MKTS/GLOB
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