GRAINS-Chicago grain prices steady as commodity slide fades

ReutersFeb 3, 2026 1:29 PM

PARIS/BEIJING, Feb 3 (Reuters) - Chicago grain and soybean futures regained ground on Tuesday as a sell-off in commodity markets subsided, though a steady dollar kept prices in check.

The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was up 0.9% at $10.69-3/4 a bushel by 1306 GMT, recovering from a three-session fall.

CBOT wheat Wv1 was up 0.6% at $5.31 a bushel and CBOT corn Cv1 0.4% higher at $4.27-1/2 a bushel. Wheat and corn had fallen in the two previous sessions.

Grains were dragged lower on Monday by the sell-off in commodities, fuelled by a de-escalation of tensions between the U.S. and Iran, and a rebound in the dollar since last week.

But crude oil steadied while precious metals rebounded on Tuesday, with investors encouraged by U.S. manufacturing data and news of a U.S.-India trade agreement. MKTS/GLOB

"The macro mood has stabilized and is somewhat supportive for agriculture markets," Peak Trading Research said in a note.

Soybean by-product soyoil outperformed other prices in grains and oilseeds, with Chicago futures BOv1 climbing nearly 3%.

Traders said the market drew support from expectations that India, a major importer of vegetable oils, may buy more U.S. soyoil under the trade deal announced on Monday by U.S. President Donald Trump.

"They're going to have to buy U.S. bean oil to help cover the commitments in the deal," a European trader said.

There were also hopes that the U.S. administration will soon finalise revised targets for biofuel, a major source of demand for soyoil, traders added.

The steady dollar and ample global supply continued to curb grain prices.

In South America, Brazil is in the early stages of harvesting what is forecast to be a record soybean crop.

Brokerage StoneX and consultancy Celeres raised their forecasts for Brazil's 2025/26 soybean crop on Monday, citing higher yields than previously expected.

In wheat, concerns were easing about cold weather damage to crops in the U.S. and the Black Sea region.

Prices at 1306 GMT
	Last	Change	Pct Move
CBOT wheat Wv1	531.00	3.25	0.62
CBOT corn Cv1	427.50	1.75	0.41
CBOT soy Sv1	1069.75	9.50	0.90
Paris wheat BL2c1	194.00	0.50	0.26
Paris maize EMAc1	191.50	-1.00	-0.52
Paris rapeseed COMc1	478.00	4.25	0.90
WTI crude oil CLc1	62.51	0.37	0.60
Euro/dollar EUR=	1.18	0.00	0.11
Most active contracts - Wheat, corn and soy U.S. cents/bushel, Paris futures in euros per metric ton

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