Soybeans and corn hold firm with sanctions and trade talks in focus

Chicago soybean and corn futures extended gains on Thursday to reach one-month highs, spurred by a jump in crude oil following U.S. sanctions on Russia’s two biggest oil firms along with hopes for progress in U.S.-Chinese trade talks. Wheat also edged up, with news of an import purchase by Algeria lending some support. The most-active soybean contract on the Chicago Board of Trade (CBOT) was up 0.4% at $10.38-1/2 per bushel, after earlier hitting its highest since September 19. CBOT corn added 0.3% to $4.24-1/4 a bushel after touching its highest since September 26. Crude oil surged 5% after the U.S. Soybeans and corn can react to oil prices as the crops are widely processed for use in biofuel. “Grains and beans are supported by the strength of the crude market,” said Andrey Sizov, head of consultancy Sovecon. “Things are heating up around Russia.” Together with ongoing military strikes, including Ukraine’s targetting of a Russian chemical plant using Western Storm Shadow ...