GRAINS-Chicago soy, corn, wheat prices pull back as oil-driven rally fades
BEIJING, March 10 (Reuters) - Chicago soybeans, corn and wheat retreated on Tuesday from multi-year and multi-month highs as traders locked in profits, with technical selling reversing gains driven by higher crude oil prices in the previous session.
FUNDAMENTALS
The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was down 0.36% at $11.92 a bushel, as of 0040 GMT. Soyoil BOcv1 lost 1.63% to 65.02 cents per pound.
Wheat Wv1 dropped 1.37% to $5.95 a bushel, while corn Cv1 dipped 1.05% to $4.49 a bushel.
U.S. crude futures fell more than 7% on Tuesday in early Asia trade after hitting their highest level since June 2022 in the previous session.O/R
U.S. President Donald Trump on Monday predicted the war in the Middle East could be over soon, while also proposing oil sanctions waivers to alleviate shortages, possibly easing sanctions on Russian oil.
Grain markets can track movements in crude oil, partly due to investment flows from commodity funds and also because crops like soybeans and corn are widely used for making biofuel.
Traders await the U.S. Department of Agriculture's monthly crop report due later in the day, which is expected to make only minor adjustments to its U.S. and global crop supply forecasts.
The USDA is also expected to trim its outlook for soybean production in top exporter Brazil but raise Brazil's corn harvest projection.
Brazilian farmers had harvested 51% of their 2025/26 soybean crop as of last Thursday, agribusiness consultancy AgRural said on Monday, up 12 percentage points from the previous week but below the 61% reported a year earlier.
Commodity funds were net sellers of CBOT corn, soy, wheat futures, traders said on Monday. CBOT/FUNDS
MARKET NEWS
Wall Street stocks clawed their way back from a steep selloff to close higher on Monday, notching a final-hour rebound after Trump suggested that the U.S.-Israeli war on Iran could be close to ending. MKTS/GLOB
DATA/EVENTS (GMT)
1400 US Existing Home Sales February
1400 China Exports, Imports YY February
1400 China Trade Balance USD February
