GRAINS-Chicago soy surges, tracking soyoil gains; wheat, corn also up

BEIJING, March 3 (Reuters) - Chicago soybeans rose on Tuesday, supported by higher soyoil prices, which tracked gains in the crude oil market amid the ongoing war in the Middle East, while concerns over Chinese demand and competition from Brazil kept a lid on prices.

Meanwhile, corn rose on brisk export demand, and wheat also gained, despite improving U.S. crop weather and a well-supplied global market.

FUNDAMENTALS

Chicago Board of Trade's May wheat WK26 rose 0.04% to $5.77-1/2 per bushel as of 0148 GMT. May soybeans SK26 added 0.24% to $11.66-3/4 per bushel, while May corn CK26 rose 0.06% to $4.46 per bushel.

Consultancies AgRural and StoneX trimmed their forecasts for Brazil's 2025/26 soybean output on Monday, as yield losses caused by adverse weather in Rio Grande do Sul state weighed on overall production.

"A stronger U.S. dollar is weighing on soybeans, as is doubt over Chinese demand for U.S. soybeans and the advance of harvest of the substantial Brazilian soybeans crop," said Sean Hickey, an analyst at Bendigo Bank Agribusiness.

China's foreign minister urged Gulf countries to unite to oppose external interference on Monday, after U.S.-Israeli attacks on Iran heightened tensions in the region.

This added concerns that U.S. President Donald Trump's trip to China will not happen as scheduled.

Saudi Arabia's main state buying agency said it purchased about 794,000 metric tons of wheat in an international tender, exceeding the 655,000 tons it had sought earlier.

Commodity funds were net sellers of CBOT corn, soybean and wheat futures, traders said on Monday. CBOT/FUNDS

MARKETS

Stocks resumed their selloff and the dollar strengthened in early Asian trading on Tuesday, as investors considered the implications of the U.S.-Israeli strikes on Iran on energy prices and the global economy. MKTS/GLOB

DATA/EVENTS

1000 EU HCIP Flash YY Feb

1000 EU HCIP-X F, E, A, T Flash MM, YY Feb