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Grain futures in Chicago and Chicago soybeans are rising on the back of crude oil gains, as US-Iran negotiations stall.

As U.S. and Iran 'peace talks' stalled at the weekend, Gulf shipping was blocked.

As of 0112 GMT the most active soybean contract traded on the Chicago Board of Trade had risen 0.28% to $11.81-3/4 per bushel. This was the third straight session that the contract gained. Soyoil rose 0.95%, to 72.01 cents a pound.

Johnny Xiang of Beijing's AgRadar Consulting said that prices are mainly influenced by a spillover effect from rising crude oil. The grain markets were supported by the soaring crude oil prices which rose almost 2% on Monday, and also the closure of the Strait of Hormuz. Corn and soybeans, both feedstocks for Biofuels, are mainly sold through this route.

Traders anticipate a meeting in mid-May between U.S. president Donald Trump and Chinese president Xi?Jinping, hoping that China will agree on additional purchases of U.S. soya beans and other agricultural products.

Corn?upgraded 0.54%, to $4.66 per bushel. This is near the highest price in a month. Prices were boosted by a robust export demand.

Storms in the Midwest of the United States could delay seeding, but early soybean and corn planting is ahead of schedule.

Wheat prices rose 0.89%, to $6.21-1/2 a?bushel. This is near the four-week high.

Traders are watching for potential rain relief in central United States that could ease the stress on wheat crops parched by drought.

(source: Reuters)