SINGAPORE: Chicago soybeans fell on Tuesday, retreating from a 16-month-high hit in the previous session, while traders awaited further Chinese purchases of US cargoes following last week’s talks and a thaw in trade relations between the two countries.
Wheat gained more ground, hitting its highest in more than three months, while corn slid.
“There is a lot of talk of Chinese companies checking prices and looking to book US soybean cargoes,” said one Singapore-based oilseed trader. “We are now waiting to see those deals actually materialise.” The most-active soybean contract on the Chicago Board of Trade (CBOT) fell 0.4percent to USD11.30-1/4 a bushel as of 0316 GMT, having climbed to its highest since June 2024 on Monday. Wheat added 0.9 percent to USD5.48-1/4 a bushel, its highest since July, and corn lost 0.3percent to USD4.33-1/4 a bushel. Hopes for renewed Chinese demand underpinned the US agricultural markets in recent sessions.