Soybeans rise on oil surge amid Middle East conflict
Wheat eases, corn steady as Brazil crop caps gains
2 March 2026
1 minute read
By: Chicago soybean futures rose Monday, supported by gains in soyoil after crude oil prices climbed amid escalating conflict in the Middle East, reported Reuters.
Gains were limited by a record soybean harvest in Brazil and uncertainty over Chinese demand. Wheat retreated from a one-year high reached Friday, while corn was little changed.
The most-active soybean contract on the Chicago Board of Trade (CBOT) rose 0.32 per cent to $11.74-1/2 a bushel by 0109 GMT. Soyoil added 2.22 per cent to 63.22 cents per pound.
CBOT wheat fell 0.25 per cent to $5.90 a bushel, while corn held steady at $4.48-1/2 a bushel.
Crude oil prices jumped 7 per cent to their highest level in months as Iran and Israel intensified attacks. Soyoil often tracks crude oil because it is used in biofuel production.
Chinese demand for US soybeans remains uncertain after the US Supreme Court overturned several tariffs, prompting President Donald Trump to introduce new measures.
Traders are also monitoring logistics in Brazil, where truck drivers face extended delays delivering soybeans to the Miritituba port, a key export hub.
US soybean processors likely crushed 6.789 million short tons, or 226.3 million bushels, in January, according to analysts surveyed ahead of a US Department of Agriculture report due later Monday.
Rain and mild weather in the US Plains have eased concerns about winter wheat crop conditions.
Broader markets were volatile, with oil surging and equities falling as investors moved toward the U.S. dollar, gold and bonds.
