Soybeans edge higher as soyoil rises on Middle East tensions
Wheat and corn edged lower.
FUNDAMENTALS
* The most-active soybean contract rose 0.05% to $10.68-4/8 per bushel, as of 0051 GMT. Soyoil climbed 0.92% to 54.97 cents per pound.
* Wheat dropped 0.04% to $5.83-2/8 a bushel, while corn eased 0.23% to $4.27-4/8 a bushel, its lowest level in 2025.
* Oil prices surged after the U.S. attacked key Iranian nuclear sites over the weekend. The escalation supported soyoil, which is used in biofuels.
* China's soybean imports from Brazil surged 37.5% in May from a year earlier, General Administration of Customs data showed on Friday, as buyers scooped up South America's bumper crop, while supplies from the United States also rose 28.3%.
* Favourable weather across much of the Midwest improved crop prospects for soybeans and corn, pressuring prices.
* Drought concerns in parts of Russia and heavy rainfall in the U.S. Plains lent support to wheat, although an accelerating U.S. winter wheat harvest is boosting supplies and capping upside. Prices rallied over the past week due to short-covering fuelled by Israel's war with Iran.
* Exporters sold 124,000 metric tons of U.S. corn to unknown destinations for 2025-26 delivery, the U.S. Department of Agriculture said on Friday.
* Commodity funds were net sellers of Chicago Board of Trade wheat, corn, soyoil and soybean futures contracts on Friday and net buyers of soymeal futures, traders said.
MARKET NEWS
Wall Street share futures slipped on Monday and oil prices briefly hit five-month highs as investors anxiously waited to see if Iran would retaliate to U.S. attacks on its nuclear sites, with resulting risks to global activity and inflation.
DATA/EVENTS (GMT)
0715 France HCOB Mfg, Services, Composite Flash PMI Jun
0730 Germany HCOB Mfg, Services, Composite Flash PMI Jun
0800 EU HCOB Mfg, Services, Composite Flash PMI Jun
0830 UK Flash Composite, Manufacturing, Services PMI Jun
1345 US S&P Global Mfg, Svcs, Comp PMI Flash Jun
1400 US Existing Home Sales May (Reporting by Ella Cao and Lewis Jackson; Editing by Rashmi Aich)
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