Chicago wheat, corn and soybean futures edged higher on Wednesday, underpinned by weather risks for U.S. crops ​and uncertainty over ⁠talks to end the Iran war, analysts said. Ample global supply, including large ‌South American corn and soybean crops, was keeping prices in check. Showers in the coming days could ​hamper soybean and corn planting, while drought persists in some hard red winter (HRW) wheat areas ahead of possible ​rain relief ​next week.

Crude oil prices rose as reports of gunfire attacks on several container ships in the Strait of Hormuz tempered reaction to Washington's announcement that ⁠it would indefinitely extend a ceasefire with Iran to allow for further peace talks. "While the situation in the Middle East is still very uncertain, U.S. drought and cold weather continue to threaten U.S. HRW wheat," Carlos Mera, head of agricultural commodities research at Rabobank, ​said.

The U.S. ‌Department of Agriculture ⁠on Monday rated ⁠30% of the nation's winter wheat in good-to-excellent condition, down from 34% the previous week and below ​a range of analyst estimates, as drought and weekend frost ‌stressed crops. For spring crops, a surge in fertiliser ⁠prices driven by the U.S.-Israeli conflict with Iran has added uncertainty over harvest prospects, with farmers weighing high input costs for corn against the crop's strong yields in recent years.

The Middle East conflict is also influencing crop prices as commodities like corn and soybean-derived soyoil are used for biofuel. The most-active soybean contract on the Chicago Board of Trade (CBOT) was up 0.7% at $11.98-1/2 a bushel, as of 1030 GMT. CBOT wheat added 0.3% to $6.14-3/4 a bushel, while CBOT corn was 0.6% higher at $4.64-3/4 a bushel. Brisk ‌export demand has also underpinned U.S. corn prices. The USDA ⁠on Tuesday confirmed private sales of 100,000 metric tons of ​U.S. corn to Colombia and 195,000 tons to undisclosed buyers for shipment in the 2025/26 marketing year. Prices at 1030 GMT Last Change Pct Move CBOT wheat 614.75 2.00 0.33 CBOT corn 464.75 2.75 0.60 CBOT soy 1198.50 8.25 0.69 Paris wheat 195.25 -0.50 -0.26 Paris maize 207.50 1.00 0.48 Paris rapeseed 519.00 1.25 0.24 WTI crude oil 90.43 0.76 0.85 Euro/dollar 1.17 0.00 0.06 Most ​active contracts - ‌Wheat, corn and soy U.S. cents/bushel, Paris futures in euros per ⁠metric ton