GRAINS-Soybeans retreat from near two-year peak as crude rally pauses
BEIJING/PARIS, March 13 (Reuters) - Chicago soybean futures edged lower on Friday after hitting a near two-year high in the previous session, as a pause in oil's rally and a stronger dollar helped curbed prices.
Corn, which like soyoil is widely used in biofuel, also eased, while wheat was almost unchanged.
The most-active soybean contract Sv1 on the Chicago Board of Trade was down 0.84% at $12.17 a bushel as of 1134 GMT, having peaked on Thursday at $12.38-3/4, its highest since late May 2024.
Crude ticked down after the United States issued a 30-day waiver allowing countries to buy Russian oil and petroleum products stranded at sea, easing supply concerns caused by the U.S.-Israeli war with Iran. O/R
The sanctions waiver tempered disruption concerns that had deepened on Thursday when Iran stepped up attacks on oil facilities and vowed to continue blocking the Strait of Hormuz.
"Crude oil dominated attention," Argus Media analysts said of grains, adding: "The rise of the dollar has slightly slowed down the momentum of U.S. prices."
The dollar index =USD reached its highest since late November, with the U.S. currency continuing to attract safe-haven demand amid investor worries about the economic repercussions of the war. FRX/
CBOT corn Cv1 eased 0.32% to $4.61 a bushel while CBOT wheat Wv1 inched down 0.04% to $5.98-1/4 a bushel.
Corn struck a 10-month high and wheat a 21-month peak on Monday, as the surge in oil prices eclipsed abundant global grain supplies.
Corn has also drawn some support from expectations that rising fuel and fertiliser costs may lead farmers to cut back on planting the crop, which is relatively intensive in inputs.
Grain markets were also awaiting a meeting this weekend between U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng, to gauge prospects for a planned visit by U.S. President Donald Trump to China at the end of March.
Chinese imports of U.S. soybeans are a major issue as the geopolitical rivals pursue protracted trade talks.
Prices at 1134 GMT |
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| Last | Change | Pct Move |
CBOT wheat Wv1 | 598.25 | -0.25 | -0.04 |
CBOT corn Cv1 | 461.00 | -1.50 | -0.32 |
CBOT soy Sv1 | 1217.00 | -10.25 | -0.84 |
Paris wheat BL2c2 | 213.50 | -1.75 | -0.81 |
Paris maize EMAc1 | 209.00 | -1.25 | -0.59 |
Paris rapeseed COMc1 | 509.50 | -5.50 | -1.07 |
WTI crude oil CLc1 | 94.43 | -1.30 | -1.36 |
Euro/dollar EUR= | 1.15 | 0.00 | -0.38 |
Most active contracts - Wheat, corn and soy U.S. cents/bushel, Paris futures in euros per metric ton |
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