GRAINS-Soybeans rise on firm crude, but Brazil harvest caps gains

BEIJING, March 4 (Reuters) - Chicago soybean futures edged higher on Wednesday, supported by firmer crude oil prices amid the ongoing Middle East conflict, though gains were limited by uncertain Chinese demand and the ongoing harvest in Brazil.

Wheat prices also rose despite improving weather conditions for U.S. crops, while corn futures declined.

FUNDAMENTALS

The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 added 0.06% to $11.71-1/4 a bushel by 0146 GMT. Soyoil BOcv1 gained 0.18% to 62.91 cents per pound.

CBOT wheat Wv1 rose 0.17% to $5.75 a bushel. Corn Cv1 lost 0.11% to $4.46 a bushel.

Oil prices settled up 4.7% on Tuesday, the highest since January 2025, as U.S.-Israeli air strikes on Iran intensified, disrupting energy shipments from the Middle East and stoking fears of a longer conflict. O/R

Top U.S. and Chinese trade negotiators are expected to meet in mid March, signalling that plans for a summit between U.S. President Donald Trump and China's Xi Jinping remain on track despite U.S. strikes on Iran, Bloomberg News reported.

Rain in the U.S. wheat belt is improving conditions for the crop, pressuring prices, though dryness remains a concern, analysts said.

U.S. corn export demand remained strong. The U.S. Department of Agriculture confirmed private sales of 196,000 metric tons of U.S. corn for shipment to unknown destinations in the 2025/26 marketing year.

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

MARKETS

Asian markets skidded on Wednesday, with investors cutting crowded positions in gold and chipmakers on concerns that a wider Middle East war could deliver an energy shock that raises inflation and delays rate cuts. MKTS/GLOB