Soybeans, corn dip

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SINGAPORE- Chicago soybeans slid on Wednesday after scaling a near seven-month high in the previous session, although the decline was limited by easing worries over US tariff war with its key trading partners.

Corn dipped after two sessions of strong gains, while wheat hit a three-month high.

“On one side fears of an all-out trade war have eased for now,” a Singapore-based grains trader said. “Corn and soybeans have additional support from weather issues in Argentina and Brazil.”

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The most-active soybean contract on the Chicago Board of Trade (CBOT) gave up 0.6 percent to $10.68-1/4 a bushel, after climbing to its highest since late July on Tuesday. Corn fell 0.1 percent to $4.94-1/4 a bushel, wheat added 0.2 percent to $5.78 a bushel, after hitting its highest since November earlier in the session.

Agricultural markets have recently been focused on the risk that anticipated tariffs against Canada, Mexico and China could hurt demand for US farm goods as all three nations are major importers.

But US President Donald Trump on Monday postponed tariffs against Mexico and Canada for a month, while China imposed limited retaliatory tariffs on US goods on Tuesday that did not include soybeans.

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