GRAINS-Chicago soybean, grain futures dip as traders brace for Trump's speech on Iran

BEIJING, April 2 (Reuters) - Chicago Board of Trade corn, wheat, and soybean futures dropped on Thursday as markets awaited an address from U.S. President Donald Trump that could signal a U.S. pullback from the war in Iran.

FUNDAMENTALS

The most-active soybean contract Sv1 was down 0.3% at $11.65 a bushel, as of 0038 GMT. Wheat Wv1 fell 0.08% to $5.97 a bushel, while corn Cv1 lost 0.22% to $4.53-1/4 a bushel.

Trump told Reuters on Wednesday, hours ahead of the planned speech at 9 p.m. EDT (0100 GMT on Thursday), that the U.S. will end the war on Iran "fairly soon".

• Brent crude futures LCOc1 fell $1.16, or 1.15%, to $100 per barrel by 1204 GMT. U.S. West Texas Intermediate crude CLc1 futures slipped $1.41, or 1.41%, to $98.71 per barrel. O/R

U.S. farmers plan to plant less corn and more soybeans in 2026 than last year, the U.S. Department of Agriculture said on Tuesday.

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.

Wheat futures are being supported by persistent dryness in the U.S. Plains, which is threatening to curb winter crop yields.

Beneficial rains were expected in the U.S. southeastern Plains, though dryness will continue to cause stress for crops in western areas, forecasters said.

Jordan's state grain buyer has issued an international tender to buy up to 120,000 metric tons of milling wheat, which can be sourced from optional origins, European traders said.

Commodity funds were net sellers of CBOT corn, soybeans, wheat, and soyoil, traders said on Wednesday. CBOT/FUNDS

MARKET NEWS

Stocks inched higher, the dollar softened, and oil slipped on Thursday as investors held their collective breath ahead of a speech from U.S. President Donald Trump that could outline the end of the war in the Middle East and boost risk appetite. MKTS/GLOB

DATA/EVENTS

1230 US International Trade $ Feb

1230 US Initial Jobless Clm 28 Mar w/e