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BEIJING - Chicago soybean futures climbed on Thursday, tracking gains in crude oil prices, while investors weighed the market impact of the military conflict in the Middle East.
The most-active soybean contract on the Chicago Board of Trade (CBOT) was up 0.2% at $11.63-1/2 a bushel, as of 0330 GMT. CBOT wheat gained 0.3% to $6.05, and corn climbed 0.3% to $4.64-3/4 a bushel.
Oil prices rose as much as 3% on Thursday after Iran attacked several energy facilities across the Middle East following a strike on its South Pars gas field, a major escalation in Tehran's war with the U.S. and Israel. The conflict has disrupted oil and natural gas exports from the Middle East and forced production stoppages.
Higher crude prices can support soybeans as soyoil is widely used to produce biodiesel fuel.
Corn futures edged higher as strength in crude oil was seen as supportive given corn's role as a feedstock for ethanol.
Higher-than-expected inflation numbers on Wednesday were also supportive for soybean and corn prices, with money tending to flow into the grain and oilseed sector when inflation expectations rise, analysts said.
Wheat futures jumped on concerns about dry weather in the U.S. Southern Plains, analysts said.
Weather forecaster Vaisala said ongoing dry weather in the central and southern Plains would maintain low moisture for winter wheat over the next 30 to 60 days.
Prices for most U.S. crops have risen since the end of February amid "heightened geopolitical risks" in the Middle East, S&P Global Energy said in a note. "While recent price movements have become slightly more favorable for additional corn plantings, higher fuel and fertilizer costs remain a concern," the note said.
The firm projected that U.S. farmers would plant 95.2 million acres of corn in 2026 and 85 million acres of soybeans. S&P said its forecasts were based on the results of a monthly survey of farmers and agribusinesses.





















