CHICAGO: US soybean futures declined for the first time in five sessions on Tuesday in a profit-taking and technical setback after notching 3-1/2-week highs a day earlier.
Losses were limited, however, by hopes that trade talks between Washington and Beijing will open the door for more US soybean exports to China following sizable sales to state-owned firms on Monday.
Corn futures also eased after hitting fresh three-week highs earlier in the day, while wheat advanced on hopes for a pickup in export demand amid higher prices in rival exporting countries.
China and the United States will continue trade talks in Beijing for an unscheduled third day as officials from the world's two largest economies looked to resolve their bitter trade dispute that has slashed China's imports of US soy.
In a positive sign on Tuesday, China approved five genetically modified crops for import, the first in about 18 months, which could boost its overseas grains purchases and ease pressure from the United States to open its markets to more farm goods.
The move followed a wave of US soybean purchases by Chinese state firms on Monday.
The market also remained focused on poor weather in South America, where hot and dry conditions have prompted some forecasters to begin trimming forecasts for Brazilian crops.
"We had a four-day bull run in soybeans. With the bullish points out there with the downgrades to the Brazilian soybean forecast and the China-US trade talks, traders are just taking a break," said Terry Reilly, senior commodities analyst with Futures International.
Traders are also staying cautious as high tariffs on US crop shipments to China remain in place, he said.
Chicago Board of Trade March soybeans were up 6-1/4 cents at $9.18 a bushel at 11:41 a.m. CST (1741 GMT) after failing to break through chart resistance at its 200-day moving average for a second day.
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