Chicago soy rises as oil prices climb, rain forecast threatens Midwest planting

Chicago Board of Trade soybean futures gained on Wednesday on higher oil prices and forecasts of rain later this week in the U. S. Midwest that could slow planting, while corn also climbed and wheat dropped. The most-active soybeans contract on the Chicago Board of Trade (CBOT) was up 0. 5% at $11. 96 a bushel, as of 0211 GMT. Wheat edged 0. 1% lower to $6. 12-1/4 a bushel, and corn added 0. 4% to $4. 63-3/4 a bushel. Rain concerns have supported soybean and corn prices. Dry weather is expected in the central U. S. over the coming days, but rain is forecast to return late this week, likely stalling spring field work, meteorologists said. Rising crude oil prices have also underpinned grain markets. U. S. crude futures rose in early trade on Wednesday, despite Washington’s announcement that it would indefinitely extend a ceasefire with Iran, as uncertainty over peace talks persisted and the Strait of Hormuz remained effectively closed. “Elevated nitrogen-based fertiliser prices have supported corn prices. Rising fertilizer reinforced existing economic incentives to shift acreage away from corn, ” said a Shanghai based agriculture analyst. A surge in fertilizer prices driven by the U. S. -Israeli conflict with Iran has dealt a blow to U. S. corn farmers. As of last week, farmers needed 154 bushels of corn to cover the per-ton cost of urea, a nitrogen fertilizer that is heavily imported. Fuel costs have also jumped, with retail diesel prices in the U. S. Midwest hitting $5. 38 a gallon last week, the highest since July 2022 and nearly 50% above levels last October, when many farmers began planning for the 2026 season. The U. S. Department of Agriculture said on Monday soybeans planting was 12% complete, in line with trade expectations and ahead of the five-year average of 5%. For corn, the USDA said planting was 11% complete by Sunday, matching an average of analyst estimates and ahead of the five-year average of 9%. The USDA also confirmed private sales of 100, 000 metric tons of U. S. corn to Colombia and 195, 000 tons to undisclosed buyers for shipment in the 2025/26 marketing year.

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