BEIJING - Chicago soybeans rose on Monday to their highest level since May ​2024, buoyed by ⁠further gains in crude oil prices amid the ongoing U.S.-Israeli war with Iran.

The ‌most-active soybean contract on the Chicago Board of Trade (CBOT) climbed 2.46% to $12.30-1/4 a bushel, as of 0148 ​GMT. Soyoil gained 4.73% to 69.73 cents per pound, the highest since December 2022.

"U.S. soybean prices ​have risen ​mainly due to stronger crude oil prices, which have driven up fuel costs, boosting vegetable oil prices and, in turn, raising soybean prices," said Capital Jingdu ⁠Futures analyst Wan Chengzhi.

Increased logistics and production costs have also contributed to the price hike, rather than supply-demand fundamentals, he added.

Oil prices surged about 20% on Monday, hitting their highest since July 2022, as the expanding U.S.-Israeli war with Iran led some ​major Middle ‌Eastern oil producers ⁠to cut supplies, ⁠and on fears of prolonged disruption to shipping through the Strait of Hormuz chokepoint. Meanwhile, Iran on ​Monday named Mojtaba Khamenei to succeed his father, Ali Khamenei, ‌as the supreme leader, signalling that hardliners remain firmly ⁠in charge, as the week-old U.S.-Israeli war with Iran pushed oil above $100 a barrel.

Grain markets can track movements in crude oil, partly due to investment flows from commodity funds and to the use of crops such as soybeans and corn in biofuel production.

Corn added 2.5% to $4.72 a bushel, reaching a 10-month high, while wheat climbed 3.2% to $6.36-1/2 a bushel, hitting its highest since June 2024, as concerns over the Middle East conflict fuelled short-covering.

Despite the rally, ample global grain and ‌oilseed supplies continue to limit further price increases. In Brazil, farmers ⁠had harvested 47.4% of their 2025/26 soybean crop as of ​Friday, agribusiness consultancy Patria AgroNegocios said on Saturday, roughly in line with the average 47.8% of the last five years. Analysts at APK-Inform forecast Ukraine's 2026 grain harvest may fall by ​4% to ‌58.6 million metric tons, down from 61.1 million in 2025, ⁠mainly due to a smaller wheat ​harvest.