US soyabean futures rose on Wednesday, buoyed by renewed optimism about a US-China trade deal as well as some bargain buying, traders said.
Corn futures were lower, giving up early gains on technical selling, while wheat futures steadied after two days of sharp declines.
Investors were reassured by a Bloomberg report that Beijing and Washington were moving closer to a deal.
Additionally, US President Donald Trump said on Wednesday that trade talks with China were going "very well," sounding more positive than on Tuesday when he said a trade deal might have to wait until after the 2020 US presidential election.
At 10:38 a.m. CST (1638 GMT), Chicago Board of Trade January soyabean futures were up 7 cents at $8.78 a bushel, on track for a second day of gains following eight straight lower closes.
"The US and China are reportedly 'moving closer' towards a deal despite lingering tensions, for whatever that's worth at this point," Matt Zeller, director of market information at INTL FCStone, said in a note to clients. "It does coincide with beans at least appearing to make a stand at six-week lows."
But the gains in soya futures were limited by expectations of a big crop in South America that would provide China with another option to meet their import needs.
CBOT March corn futures were down 3-1/2 cents at $3.77-3/4 a bushel.
The contract turned lower after failing to hold support above its 20-day moving average for the third day in a row.
CBOT March wheat was 1/2 cent lower at $5.24-3/4 a bushel, consolidating around the 23.6 percent retracement point on a Fibonacci chart tracking its fall rally to the 4-1/2-month high it hit on Friday.
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