GRAINS-Chicago soybeans fall as hopes fade for quick end to Iran war

BEIJING, March 25 (Reuters) - Chicago soybean futures slipped on Wednesday as traders scaled back expectations of a swift end to the U.S.-Israeli war on Iran, while uncertainty persisted over how long the conflict will go on.

Wheat and corn futures also edged lower.

FUNDAMENTALS

The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 eased 0.2% to $11.53-12 a bushel as of 0131 GMT. CBOT wheat Wv1 lost 6% to $5.86-1/2 a bushel and corn Cv1 shed 0.8% to $4.59 a bushel.

Washington has sent a 15-point proposal to Iran aimed at ending the war in the Middle East, Reuters and other media in the U.S. and Israel reported on Tuesday after markets closed.

Iran, however, denied being engaged in any negotiations with Washington. The denial, coupled with a surge in military activity, tempered hopes of de-escalation.

The impact of the war on fertilizer markets - from disruptions to Gulf shipping to sharply higher gas prices - could lead to knock-on effects on crop production.

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.

In Russia, one of the world's top grain suppliers, wheat export prices remained near three-week highs reached during the rally sparked by the Iranian crisis. Analysts have lifted their March shipment estimates amid accelerating exports.

In Ukraine, corn harvest may total 31-32 million metric tons in 2026, compared with 31 million tons harvested in 2025, the farmers union UAC said on Tuesday.

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