CBOT soybean futures turn lower as Trump signals Iran conflict ending
CHICAGO, April 1 (Reuters) - Chicago Board of Trade soybean futures turned lower on Wednesday on a day of technical trading and money flows out of the grain markets and into equities, after U.S. President Donald Trump's comments suggested an end to the Middle East conflict, market analysts said.
Trump told Reuters the U.S. would end its war on Iran fairly soon and could return for "spot hits" if needed, hours before he was scheduled to make a prime-time address to the nation.
The president has vacillated between overtures towards ending U.S. military activity and threatening escalation against Iran if that nation does not give in to U.S. demands. MKTS/GLOB
Grains followed crude oil and the U.S. dollar .DXY lower, while Wall Street's main indexes rose on Wednesday, building on their biggest one-day gains in nearly a year. O/R
CBOT May soybeans SK26 settled 2-1/2 cents lower at $11.68-1/2 per bushel. Earlier in the session, the most-active contract Sv1 dipped to $11.53 a bushel, a one-week low.
CBOT May soymeal SMK26 ended up $1.80 to $318.20 per short ton.
U.S. soybean processors likely crushed 6.430 million short tons, or 214.3 million bushels, of soybeans in February, analysts said ahead of a monthly USDA report due on Wednesday.
CBOT May soyoil BOK26 settled down 1.77 cents at 67.11 cents per pound.
Grain and oilseed prices have broadly tracked fluctuations in crude oil during the war, reflecting the use of corn and soyoil in biofuels and knock-on effects on crop production from rising diesel and fertilizer prices.
