<ul>
<li>Wheat down for 2nd day as more rain forecast in parched Plains</li>
<li>Soyoil tracks crude oil as Trump deadline threatens escalation in Iran war</li>
<li>Soybeans steady with soyoil, corn eases as planting starts</li>
</ul>
(Updates with European trading, changes byline/dateline)
By Gus Trompiz and Naveen Thukral
PARIS/SINGAPORE, April 7 (Reuters) - Chicago soyoil futures rose to their highest since late 2022 on Tuesday, supported by strength in crude oil as a standoff over the Strait of Hormuz threatened more escalation in the U.S.-Israeli war with Iran.
Wheat, however, fell for a second day as forecasts of rain this week in a swathe of U.S. Plains tempered concerns about drought stress to crops.
Price moves were moderate as investors awaited war developments while crop traders were also looking ahead to a monthly U.S. Department of Agriculture crop report on Thursday.
The most-active soyoil contract (BOv1) on the Chicago Board of Trade (CBOT) was up 0.6% at 70.38 cents per pound by 1258 GMT, after earlier reaching its highest since December 1, 2022, at 70.47 cents.
CBOT soybeans (Sv1) ticked up 0.1% to $11.68 a bushel, while corn (Cv1) eased 0.4% to $4.52 a bushel
CBOT wheat (Wv1) fell 0.5% to $5.92-1⁄4 a bushel.
“Overall the week promises to be eventful both on the geopolitical side, with Trump’s deadline for Iran to open the Strait of Hormuz, and on the fundamental side, with the USDA report due on Thursday,” CM Navigator analyst Donatas Jankauskas said.
Oil prices (LCOC1) extended gains as Iran showed no sign of agreeing to U.S. President Donald Trump’s demand that it open the Strait of Hormuz to shipping by the end of Tuesday or suffer massive attacks on its civilian infrastructure. (O/R)
Grains and oilseeds have drawn impetus from crude oil during the month-old Middle East conflict, partly because agricultural goods like soyoil and corn are widely used for biofuel.
The wheat market was reacting to forecasts of rainfall in the U.S. Plains that may reach a bigger expanse of drought-affected cropland than showers last week.
The prospect of timely moisture deflected attention away from a lower-than-expected estimate of U.S. wheat conditions.
In its first weekly crop progress report of the 2026 growing season, the USDA on Monday rated just 35% of the winter wheat crop as being in good-to-excellent condition, a three-year low.
Corn planting was under way, with 3% of the expected area planted, the USDA also said.
Prices at 1158 GMT
Last Change Pct Move
CBOT wheat (Wv1) 592.25 -3.00 -0.50
CBOT corn (Cv1) 452.00 -2.00 -0.44
CBOT soy (Sv1) 1168.00 1.25 0.11
Paris wheat (BL2c1) 202.25 -0.25 -0.12
Paris maize (EMAc1) 209.00 1.00 0.48
Paris rapeseed (COMc1) 505.25 -0.50 -0.10
WTI crude oil (CLc1) 114.83 2.42 2.15
Euro/dollar (EUR=) 1.16 0.00 0.15
Most active contracts - Wheat, corn
and soy U.S. cents/bushel, Paris
futures in euros per metric ton

VEGI

562900

WEAT

Reuters

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GRAINS-Soyoil at 3-year high as war tension builds, wheat slips on rain forecasts