Wheat, Corn, Soybean Futures Rise on Oil, Supply Concerns

Grain and Soy Complex Opens Higher at Chicago Board of Trade

Chicago Board of Trade (CBOT) grain and soy complex trading resumed higher on Thursday at 8:30 a.m. CDT (1330 GMT). Wheat rose 2 to 4 cents per bushel, corn gained 2 to 4 cents, and soybeans increased 6 to 8 cents.

Wheat Futures Rise

CBOT wheat futures moved up, following soy and corn, as doubts grew over a deal to reopen the Strait of Hormuz, supporting crops used for biofuel. Analysts say poor condition of drought-afflicted U.S. wheat is priced in, and the market looks ahead to harvest pressure. CBOT July soft red winter wheat (WN26) last up 2-3/4 cents at $6.25-1/4 per bushel.

Corn Futures Supported by Oil Prices

Corn futures ticked up, supported by rising oil prices after Iran and the U.S. traded air strikes. Oil jumped over 2%. Corn tracks oil due to its role in ethanol production. South Korea's NOFI bought an estimated 133,000 metric tons of feed corn. CBOT July corn (CN26) last up 3-1/4 cents at $4.55-3/4 per bushel.

Soybean Futures Firm on Oil Gains

Soybean futures also firmed as oil prices rose, given soy's use in biofuel. Attacks near the Strait of Hormuz highlight fragile ceasefire negotiations. CBOT July soybeans (SN26) last 7 cents higher at $11.92-1/4 per bushel.