GRAINS-Chicago soybeans gain as investors weigh impact of US-Iran war

BEIJING, March 24 (Reuters) - Chicago soybean futures rose on Tuesday as U.S. President Donald Trump's announcement of a delay to possible strikes against Iranian power plants roiled financial markets.

Wheat and corn futures also edged higher.

FUNDAMENTALS

The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was up 0.2% at $11.66 a bushel, as of 0255 GMT. CBOT wheat Wv1 gained 1.3% to $5.95-1/2 a bushel, and corn Cv1 climbed 0.8% to $4.63-1/4 a bushel.

Grains and oilseed prices have broadly tracked fluctuations in crude oil during the U.S.-Israeli war on Iran, reflecting the widespread use of corn and soyoil in biofuels and investor interest in the crops as an inflation hedge.

Brent futures LCOc1 rose $1.06, or 1.1%, to $101 a barrel at 0001 GMT, while U.S. West Texas Intermediate (WTI) CLc1 climbed $1.58, or 1.8%, to $89.71.

In South America, Brazil's soybean exports in March fell to a daily average of about 633,400 metric tons through the third week, down 17.9% from last year's full-March average, data from the Brazilian government showed on Monday.

Brazil, the world's largest soybean producer, sent a government delegation to Beijing on Monday to talk about phytosanitary inspection rules for Brazilian soybeans following complaints from exporters that Chinese demands were complicating the certification process.

Brazil said discussions were only starting and no decisions had been reached.

MARKETS

Asian stocks rallied, oil prices nursed losses and the dollar wobbled after U.S. President Donald Trump postponed the bombing of Iran's power grid, allaying fears of a deeper energy shock.MKTS/GLOB

DATA/EVENTS

0815 France HCOB Mfg, Services, Composite Flash PMI Mar

0830 Germany HCOB Mfg, Services, Composite Flash PMI Mar

0900 EU HCOB Mfg, Services, Composite Flash PMI Mar

0930 UK Flash Manufacturing, Services, Composite PMI Mar

1345 US S&P Global Mfg, Scvs, Comp PMI Mar