CBOT soybeans hit contract highs on crude oil rally
CHICAGO, March 6 (Reuters) - Chicago Board of Trade soybean futures rose on Friday to their highest point since June 2024 on a continuous chart, tracking further gains in crude oil prices as investors continued to react to potential disruption from the U.S.-Israeli war with Iran.
U.S. crude oil futures climbed more than 10% on Friday, pulling closer to Brent as buyers sought available barrels, with Middle Eastern supply constrained by the effective closure of the Strait of Hormuz amid the expanding U.S.-Israeli conflict with Iran.
The war has also offset strength in the dollar =USD, which tends to curb Chicago prices as it makes U.S. crops more expensive for export. FRX/
Brazil's farmers are in the middle of harvesting what is widely forecast to be a record crop that could slow Chinese demand for U.S. soybeans.
CBOT May soybeans SK26 rose 21-1/2 cents to $12.00-3/4 per bushel.
Benchmark soybean futures traded above $12 a bushel for the first time since June 6, 2024.
CBOT May soyoil BOK26 rose 0.88 cents to finish at 66.58 per pound, with all soyoil contracts notching lifetime highs.
CBOT May soymeal SMK26 rose $7.90 to end at $317.20 per short ton.
