GRAINS-Chicago soy rises on oil rebound; wheat, corn fall on ample supply outlook
BEIJING, June 25 (Reuters) - Chicago soybean and soyoil futures edged higher on Wednesday, supported by a rebound in oil prices as investors monitored the fragile ceasefire between Iran and Israel.
Corn and wheat fell due to growing global crop prospects and favourable weather conditions.
FUNDAMENTALS
The most-active soybean contract Sv1 rose 0.22% to $10.39-2/8 per bushel as of 0105 GMT after three straight sessions of losses. Soyoil BOcv1 gained 0.7% to 52.98 cents per pound.
Corn Cv1 eased 0.06% to $4.16 a bushel, hovering near this year's lowest level, while wheat Wv1 slid 0.36% to $5.5 a bushel.
Oil prices edged higher after plummeting in the last two sessions, underpinning soyoil, which often tracks crude because it is used in biofuel as a substitute for fossil fuel.
Warm, rainy weather in the U.S. Midwest is expected to aid crop development in the coming days, according to forecasters.
Corn remains pressured by expectations of ample U.S. and global supply, alongside benign weather conditions.
In Brazil, farmers are estimated to produce a record 123.3 million metric tons of second corn, agribusiness consultancy Agroconsult said on Tuesday.
The U.S. Department of Agriculture confirmed the private sales of 630,000 metric tons of U.S. corn to Mexico.
Wheat prices continued to face headwinds from strong production outlook across the northern hemisphere and accelerating harvest activity.
Argus Media raised its forecast for Russia's 2025-26 wheat output to 84.8 million tons, up from year-ago 81.3 million tons.
Commodity funds were net sellers of Chicago Board of Trade wheat, corn, soybean, soymeal and soyoil futures contracts on Tuesday, traders said. COMFUND/CBT
MARKET NEWS
An index of global shares hit a record high on Tuesday with oil prices plummeting further as market sentiment was lifted by the easing of Middle East tensions, after a shaky ceasefire between Israel and Iran began to take hold. MKTS/GLOB
DATA/EVENTS (GMT)
0500 Japan Leading Indicator Revised Apr
1000 France Unemp Class-A SA May
1400 US New Home Sales-Units May
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