PARIS/SYDNEY: Chicago soybeans were little changed on Wednesday after the previous session's rally, pausing to see if US-China trade talks would show the two sides moving to end their spat.
Corn and wheat also saw limited price moves.
US Treasury Secretary Steven Mnuchin said on Wednesday trade talks with China were progressing well, a day after President Donald Trump cheered investors by saying he could let the March 1 deadline for a trade agreement with China "slide for a little while".
Soybean prices have been supported by indications that the US government will not impose fresh tariffs even if it failed to reach a trade deal with China by March 1. Soybeans are the agricultural commodity most dependent on US-China trade.
"Grain markets hang on the latest headlines out of China," brokerage Allendale said in a note.
Mnuchin and US Trade Representative Robert Lighthizer arrived in Beijing on Tuesday and are scheduled to hold talks on Thursday and Friday with Chinese Vice Premier Liu He, the top economic adviser to President Xi Jinping.
The most active soybean futures on the Chicago Board of Trade edged down 0.2 percent to $9.15-1/2 a bushel by 1239 GMT, after climbing more than 1 percent on Tuesday when trade optimism fuelled a technical rebound.
CBOT corn was unchanged on the day at $3.78-1/4 a bushel, after also rallying on Tuesday. Wheat was unchanged at $5.20 a bushel.
Traders were also weighing prospects for the Brazilian soybean harvest.
A dry, hot spell led forecasters to cut their crop estimates.
Brazil's agriculture statistics agency, Conab, lowered on Tuesday its estimate of the country's soybean crop to 115.3 million tonnes, from 118.8 million in January.
The Agriculture Ministry said Brazil's next survey was likely to show a further decline in estimated output resulting from January's dry conditions.
However, milder weather expected in southern Brazil could stem a further decline in the harvest outlook, Refinitiv Agriculture Research analysts said on Wednesday as they maintained their forecast of 114 million tonnes.
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