GRAINS-Soybeans drop from two-week high on US crop weather, weaker oil

Adds quote in paragraph 3, updates prices

Favourable weather aiding crops in the U.S. Midwest

Oil prices fall as U.S., Iran sign peace deal

- Chicago soybean futures slid for the first time in four sessions on Thursday, as favourable weather across the U.S. Midwest and weaker oil weighed on the market.

Wheat and corn also fell, giving up some of the recent gains.

"There was some buying interest over the past few sessions on talk of China looking to cover some U.S. supplies," said one grains trader in Singapore. "But overall, the supply picture is bearish."

The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 fell 0.1% to $11.48-1/2 a bushel by 0329 GMT, after hitting its highest since early June on Wednesday. Wheat Wv1 gave up 0.1% to $6.20-1/2 a bushel, and corn Cv1 lost 0.2% to $4.20-1/4 a bushel.

Corn and soybean crops have been benefiting from favourable crop weather across the U.S. Midwest, which is likely to keep a lid on prices. Corn hit a nine-month low earlier this week, while soybeans dropped to their weakest in four months.

Soybean prices found support in the last few sessions on talk that Chinese buyers were looking for U.S. cargoes.

The U.S. Department of Agriculture confirmed private sales of 372,000 metric tons of soybeans to unknown destinations, of which 60,000 tons were for old crop delivered in the 2025/26 marketing year and 312,000 tons of new crop delivered in the 2026/27 marketing year.

Lower crude oil prices CLc1, LCOc1 are likely to put pressure on agricultural markets, with increased use of soybeans and corn in making biofuels.