BEIJING — Chicago soybeans declined for a second session on Thursday following the US-China trade truce framework, which appeared to lack specific agricultural details, while favorable weather conditions also weighed on prices.
The most-active soybean contract on the Chicago Board of Trade (CBOT) lost 0.29 percent at $10.47-4/8 per bushel.
On Wednesday, US President Donald Trump expressed satisfaction with the deal that restored a fragile truce in the US-China trade war, following an agreement on a tariff rate framework between Washington and Beijing.
However, traders remained cautious due to the absence of clear agricultural details. China, the largest buyer of US soybeans, had previously imposed tariffs of 10 percent-15 percent on $21 billion worth of American agricultural and food products.
Corn prices held steady at $4.37 per bushel, partly pressured by strong production prospects.
The US Energy Information Administration (EIA) reported weekly corn-based ethanol production reached a record-high 1.120 million barrels per day, while stockpiles dropped to 23.734 million barrels, the lowest this calendar year.
Both soybeans and corn were pressured by favorable Midwest weather conditions.
Wheat Wv1 rose 0.19 percent to $5.35-2/8 a bushel after three straight sessions of losses.
