Soybeans ease from two-year high

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    SINGAPORE- Chicago soybean futures slid for the first time in 12 sessions on Wednesday, although losses were curbed by strong Chinese demand and dryness hitting the US crop.

    Wheat fell for a fifth consecutive session, while corn slid after two days of gains.

    “China’s state-run companies are buying US beans to build food reserves,” said one Singapore-based trader. “That has been the key factor driving prices higher.

    The most-active soybean contract on the Chicago Board Of Trade lost 0.4 percent to $9.69 a bushel, after climbing to its highest since June 2018 at $9.77 a bushel on Tuesday.

    Wheat slid 0.1 percent to $5.43-1/2 a bushel, trading near a two-week low hit in the previous session, while corn shed 0.6 percent to $3.59-1/2 a bushel.

    China has stepped up purchases of US farm goods in recent weeks, taking soybeans, corn and meat.

    Condition ratings for US corn and soybean crops declined slightly during the last week, the US Department of Agriculture (USDA) said on Tuesday.