Soybeans, wheat up on easing war tensions

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    SINGAPORE- Chicago soybean futures rose for a second session on Thursday, with prices supported by signs of de-escalation in tensions between Iran and the United States, although expectations of a record crop in Brazil limited gains.

    Wheat and corn futures edged higher.

    US President Donald Trump on Wednesday tempered days of angry rhetoric and suggested Iran was “standing down” after it fired missiles at US forces in Iraq overnight, as both sides looked to defuse a crisis over the US killing of an Iranian general.

    “Easing of tensions in the Middle east is definitely supporting prices,” said Ole Houe, director of advisory services at brokerage IKON Commodities in Sydney.

    Ample supplies from South America is likely to weigh on prices although a recovery in Chinese demand could limit the downside, Houe added.

    The most-active soybean contract on the Chicago Board Of Trade was up 0.1 percent at $9.47-3/4 a bushel, having firmed 0.3 percent on Wednesday. – Reuters