BEIJING - Chicago soybean futures ​rose on Wednesday as ⁠investors assessed developments in U.S.-Iran peace talks, monitored signs of Chinese buying, and ‌kept a close eye on U.S. weather conditions.

The most-active soybean contract on the Chicago Board of Trade (CBOT) ​was up 0.11% at $11.43 a bushel, as of 0529 GMT.

Oil prices fell more than 1%, extending ​this week's ​losses and trading near four-month lows, on signs that more oil tankers stranded in the Gulf are set to move out of the Strait ⁠of Hormuz.

Soybeans and corn often move in tandem with crude oil prices due to their role in biofuel production.

"While falling crude oil prices have dragged down soyoil and weighed on soybean prices, concerns about the potential impact of El Niño and expectations of ​bulk purchases from ‌China continue to ⁠support the market," ⁠said Johnny Xiang, founder of Beijing-based AgRadar Consulting.

Ample rainfall and moderate temperatures across the U.S. Midwest have ​pressured corn and soybean prices, although traders warn that excessive ‌moisture could begin to hamper crop development.

Corn rose 0.06% ⁠to $4.10 a bushel after three straight sessions of losses, supported in part by strong export demand.

The U.S. Department of Agriculture (USDA) on Tuesday confirmed private sales of 100,000 metric tons of corn to Mexico, including 30,000 tons for delivery in the 2025/26 marketing year and 70,000 tons for 2026/27 delivery.

Wheat fell 0.38% to $5.94-3/4 a bushel, weighed down by good harvest progress and abundant global supplies.

The U.S. winter wheat harvest was 40% complete, the USDA said in a weekly report on Monday. ‌That exceeded analysts' average estimate of 36% and the five-year average ⁠of 24%.

Weather concerns in the Black Sea area ​provided some support to wheat, Xiang said.

In Russia, Sovecon agriculture consultancy lowered its 2026 wheat crop forecast to 88.9 million tons, down from 90.3 million tons, following a cut to ​its planted-area estimate.

Commodity ‌funds were net sellers of CBOT corn and soyoil futures, ⁠traders said on Tuesday.