GRAINS-CBOT corn and soybean futures ease ahead of three-day holiday weekend

By P.J. Huffstutter

CHICAGO, April 2 (Reuters) - Chicago Board of Trade corn and soybean futures eased on Thursday, and wheat futures traded either side of unchanged, as traders adjusted their positions ahead of the three-day Easter weekend, market analysts said.

Some of the moves were in response to Wednesday night's televised address by U.S. President Donald Trump, who said the U.S. would continue attacks on Iran.

The speech dampened investor hopes of an imminent end to the Iran war and stoked fears of prolonged disruptions to oil supply, sending oil prices up to around $110 a barrel on Thursday.

Meanwhile, a rise in the U.S. dollar index =USD pressured grains and soybean markets, as strength in the dollar makes commodities more expensive for overseas buyers.

"Three days might as well be three years in this market right now," said Brian Basting, commodity research analyst and economist at Advanced Trading in Bloomington, Illinois.

"Given that grain trading won't start until Sunday night, and given a lot of the uncertainty in geopolitics right now, people are positioning as best as they can ahead of the long weekend," Basting said.

The most-active soybean contract Sv1 on the Chicago Board of Trade was down 0.24% at $11.65-3/4 a bushel, as of 11:33 a.m. CDT (1633 GMT). CBOT corn Cv1 eased 0.33% to $4.52-3/4 a bushel.

Export demand was also sluggish. On Thursday, the U.S. Department of Agriculture reported that U.S. corn export sales for the week ended March 26 were 1.1 million metric tons for 2025-26, down 20% from the prior four-week average. Analysts expected 900,000 to 1.6 million tons. EXP/CORN

And weekly U.S. soybean export sales were 353,300 tons for 2025-26, down 18% from the prior four-week average, USDA said. Analysts expected 300,000 to 700,000 tons.

CBOT wheat Wv1 was up 0.21% at $5.98-3/4 a bushel.

Traders are keeping a close eye on dry conditions across the U.S. Plains, at a time when nationwide plantings are expected to be the lowest since USDA records began in 1919. The U.S. Drought Monitor on Thursday reported that drought there is expanding across the region, including in Nebraska where farmers are gearing up to plant later this month.

The state just came off its driest first three months on record, with some areas going weeks without meaningful moisture, meteorologists said. Beneficial rains were expected in the U.S. southeastern Plains, though dryness will continue to cause stress for crops in western areas, according to forecasters.

U.S. wheat weekly export sales were 23,500 tons for 2025-26, a marketing-year low, the U.S. Department of Agriculture said. Analysts had expected 200,000 to 500,000 tons. EXP/WHE