SINGAPORE – Chicago soybean futures slid on Monday for the first time in three sessions, as traders awaited updates on US-China trade relations amid sluggish American exports and mounting competition from Brazil.
Wheat rose to a one-week high, while corn fell for a third consecutive session.
“For soybeans, it is wait and watch until we see a clear picture on China-US trade relations,” said one grains and oilseed trader in Singapore.
“We are seeing some buying in the wheat market at current levels. There have been some weather issues in Russia.”
The most-active soybean contract on the Chicago Board of Trade (CBOT) fell 0.7 percent to $10.50-3/4 a bushel. Wheat added 0.6 percent to $5.46-1/4 a bushel, after climbing to its highest since April 25 earlier in the session and corn fell 0.5 percent to $4.66-3/4 a bushel.
The soybean market was supported at the end of last week on optimism over US-China trade talks.
US President Donald Trump on Sunday said the US was meeting with many countries, including China, on trade deals, and his main priority with China was to secure a fair trade deal.
Trump told reporters aboard Air Force One that he had no plans to speak with Chinese President Xi Jinping this week, but US officials were speaking with Chinese officials about a variety of different things.
Beijing is “evaluating” an offer from Washington to hold talks over US President Donald Trump’s crippling tariffs, China’s Commerce Ministry said on Friday, signalling a potential de-escalation in the trade war that has roiled global markets.
