PARIS - Chicago soybean futures edged up on Wednesday to hold around a six-week high, underpinned by signs of Chinese purchases, hot weather ​in the Midwest crop ⁠belt and a surge in crude oil.

Corn eased after also hitting its highest in ‌more than a month, with attention turning to U.S. government supply-and-demand forecasts later in the week. China bought at least ​five more cargoes of U.S. soybeans overnight, traders said on Wednesday, adding to a similar volume reported by traders on ​Monday.

The reported ​buying has boosted hopes that Beijing may work towards a target of 25 million metric tons of U.S. beans annually as announced by Washington under a trade truce ⁠between the world's two biggest economies. Renewed Chinese demand has coincided with a hot spell in the U.S. Midwest, which has stirred early concerns about corn and soybean crop conditions, and a fraying U.S.-Iran ceasefire. Crude oil jumped more than 6% on Wednesday after U.S. President Donald Trump said the memorandum of ​understanding to end the ‌Iran war was "over".

"Rumours ⁠of Chinese purchases ⁠and the weather market have been intertwined since the beginning of the week, reinforcing buying interest from funds," Argus ​Media analysts said. "This escalation in the Gulf has brought a ‌risk premium back to the oil market," they added in ⁠a note. The most-active soybean contract on the Chicago Board of Trade was up 0.2% at $11.99-3/4 per bushel by 1104 GMT, after reaching its highest since May 21 at $12.04.

Soybean oil, which is widely used for biodiesel fuel, rose 2% in reaction to the surge in crude. CBOT corn was down 0.3% at $4.63 per bushel, after rising to $4.65-3/4, its highest since May 22, while CBOT wheat added 0.5% to $6.21-1/2 a bushel.

There were no reports so far of Chinese purchases of U.S. corn, despite rumours that Beijing could book corn as well as soybeans from the U.S. Forecasts for hot, ‌dry conditions in part of the Midwest in the run-up to ⁠corn pollination have unsettled investors, though U.S. corn condition ratings held ​steady last week according to the U.S. Department of Agriculture. Grain markets are shifting their focus towards the USDA's monthly supply and demand report on Friday, when the agency will notably factor in its end-June acreage ​and stocks estimates.

Prices ‌at 1104 GMT Last Change Pct Move CBOT wheat 621.50 3.00 0.49 CBOT corn 463.00 -1.25 -0.27 CBOT soy 1199.75 2.00 0.17 Paris wheat 205.75 1.00 0.49 Paris maize 235.25 -1.00 -0.42 Paris rapeseed 517.25 3.75 0.73 WTI crude ⁠oil 74.03 3.59 5.10 Euro/dollar 1.14 0.00 -0.05 Most active contracts - Wheat, corn and ​soy U.S. cents/bushel, Paris futures in euros per metric ton.