BEIJING: Chicago soybean futures rose for a second straight session on Monday, bolstered by rising oil prices and ‍continued Chinese purchases ‍of U.S. beans.

Wheat also edged higher as traders took positions ​ahead of the much-anticipated U.S. Department of Agriculture's crop report, while corn remained unchanged.

 

FUNDAMENTALS

* The most-active ⁠soybean contract on the Chicago Board of Trade (CBOT) rose 0.09% to $10.63-1/2 a bushel by 0110 GMT.

* ⁠CBOT wheat ‌gained 0.24% to $5.18-1/2 a bushel. Corn was flat at $4.45-3/4 a bushel.

* China has been steadily purchasing U.S. soybeans following a trade truce in ⁠late October.

* On Friday, Sinograin purchased at least 10 cargoes of U.S. soybeans, moving closer to fulfilling a commitment to buy 12 million metric tons of the latest U.S. soybean harvest by the end of February.

* On Tuesday, ⁠Sinograin will auction 1.1 million ​tons of imported soybeans as the state stockpiler works to make room for arriving U.S. shipments.

* Oil prices ‍extended gains on Monday on growing concerns that intensifying protests in Iran could disrupt supply from the OPEC ​producer.

* Soyoil often tracks crude oil prices because it is used in biofuel as a substitute for fossil fuel.

* Brazilian farmers have harvested 0.53% of the country's expected 2025/2026 soybean area, compared to 0.05% at this time last year, consultancy firm Patria AgroNegocios said on Friday.

* Grain analysts expect the USDA to lower its projections for U.S. soybean export demand in the current crop year due to weaker sales to China.

* The agency is also anticipated to lower estimates for U.S. corn and ⁠soybean harvests, in part reflecting dry autumn weather.

* For ‌wheat, traders said it was too early in the year for dry weather to impact U.S. winter wheat yields and that crop conditions still looked relatively ‌good in the ⁠Plains.

* Commodity funds were net buyers of CBOT corn, soybeans, wheat, traders said on ⁠Friday. (Reporting by Ella Cao and Lewis Jackson; Editing by Subhranshu Sahu)