GRAINS-CBOT soybean futures nearly unchanged ahead of key US grain stocks, planting reports

By P.J. Huffstutter

CHICAGO, March 30 (Reuters) - Chicago Board of Trade soybean futures were nearly unchanged on Monday as traders adjusted positions ahead of government planting and grain stocks reports, as concerns over the Iran war continued to support market prices.

Nearby soymeal futures ended lower, despite gaining early support from Friday's Commitments of Traders report showing funds had added to already long positions in the meal market. Soybean oil futures ended higher, as crude oil rose to over $100 per barrel during the session. O/R

Corn futures eased on position adjustments ahead of Tuesday's government planting intentions and quarterly grain stocks reports. Wheat futures turned higher on technical trading and as weather forecasts for rainfall this week may not be as heavy as hoped for in parts of the Southwest Plains.

Grain and oilseed traders are awaiting the release of the USDA's prospective U.S. plantings report on Tuesday, as the Iran war is believed to have changed the planting intentions of U.S. farmers, resulting in fewer acres of corn and the lowest quantity of spring wheat planted since 1970 as rising fertilizer and fuel costs dim the profit outlook.

Earlier, USDA separately announced exporters sold 145,000 metric tons of U.S. corn to unknown destinations for the 2025/26 marketing year. The agency also announced that U.S. corn export inspections for the week ended March 26 were at 1,789,524 bushels, above the range of trader expectations.

CBOT's most-active soybeans Sv1 settled up 1/2 cent at $11.59-3/4 a bushel. Corn futures Cv1 settled 6-1/4 cents lower at $4.55-3/4 per bushel, while wheat Wv1 ended up 2 cents at $6.07 a bushel.

Part of what traders are wrestling with right now is contradictory market indicators - whether related to export sales and what farmers will plant, to uncertainty about the Iran war and to inflationary risks in the U.S., said Darin Fessler, senior hedge advisor at Lakefront Futures & Options.

President Donald Trump warned that Iran's energy plants and oil wells would be obliterated if it did not open the Strait of Hormuz. Tehran had described U.S. peace proposals as "unrealistic" and fired waves of missiles at Israel.

Federal Reserve Chair Jerome Powell said the U.S. central bank can wait to see how the Iran war affects the economy and inflation, noting policymakers typically look through shocks such as those from higher oil prices.

"There's a realization in the markets that these problems in the Middle East are real and that we're going to see inflationary pressures in the U.S. regardless of what Powell says, because he's been wrong before," Fessler said.