Soybeans near 7-month high as palm oil hits record

Soybeans near 7-month high as palm oil hits record

PARIS/MUMBAI- Chicago soybeans were little changed on Thursday, holding near a new seven-month high as record palm oil prices and strength in mineral oil countered pressure from a rising dollar.

Corn ticked down, but like soybeans was supported by uncertainty over South American harvest prospects.

Wheat also eased, giving up more of its gains from earlier this week as traders monitored tensions between Black Sea grain exporters Russia and Ukraine.

The most-active soybean contract on the Chicago Board of Trade (CBOT) was down 0.1% at $14.38 a bushel by 1313 GMT. It earlier touched a fresh seven-month peak at $14.49-1/4, but faced chart resistance at that level.

A record high for Malaysian palm oil futures buoyed prices for soybean byproduct soyoil. POI/

Crude oil prices hit a new seven-year peak, providing support for vegetable oils and corn, which are key feedstocks for making biofuel.

"Beans are getting support from South American weather and crude oil. Vegetable oil prices are ruling near record highs and this should improve crush margins," said a Mumbai-based dealer with a global trading firm.

Showers in Argentina have eased drought, but the impact on yield potential remains unclear.

A sharp rise in the dollar, after the Federal Reserve flagged it was ready to start