SINGAPORE- Chicago soybeans ticked lower on Thursday after hitting a two-month high in the previous session, although losses were limited by expectations that China would loosen its COVID-19 rules, boosting demand in the world’s top importer of the oilseed.
Wheat fell on pressure from ample Black Sea supplies, while corn lost ground.
“Talk that China is relaxing COVID-19 restrictions in certain cities helped to support,” Hightower said in a report.
The most-active soybean contract on the Chicago Board of Trade (CBOT) fell 0.4 percent to $14.64-1/4 a bushel, after climbing to its highest since Sept. 21 at $14.78-1/2 on Wednesday.
Wheat lost 1.1 percent to $7.86-1/2 a bushel and corn gave up 0.7 percent to $6.62-1/2 a bushel.
Expectations that China would ease restrictions that have triggered rare public protests sparked demand hopes.
China is softening its tone on the severity of COVID-19 and easing some coronavirus restrictions even as its daily case toll hovers near record highs, after anger over the world’s toughest curbs fueled protests across the country.
Chinese cities of Guangzhou and Chongqing announced an easing of COVID curbs on Wednesday, a day after demonstrators in southern Guangzhou clashed with police amid a string of protests against the world’s toughest coronavirus restrictions. — Reuters
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