Chicago grains off highs with Fed and China in focus

Chicago corn and soybean futures edged lower on Wednesday and wheat was little changed, with the markets consolidating after multi-week highs while traders waited on an expected U.S. interest rate cut and developments in trade talks between the United States and China. The most active corn contract ZC1! on the Chicago Board of Trade (CBOT) was down 0.3% at $4.28-1/4 a bushel by 1057 GMT, after climbing on Tuesday to its highest since July 3. CBOT wheat ZW1! was unchanged on the day at $5.34 per bushel, after reaching its highest since July 29 earlier on Wednesday. CBOT soybeans ZS1! were down 0.4% at $10.45-1/4 per bushel, slightly off a two-week top struck on Tuesday. Chicago grains rallied on Tuesday, supported by a drop in the dollar before the U.S. Federal Reserve’s policy decision and news that U.S. President Donald Trump and Chinese President Xi Jinping are scheduled to speak by phone on Friday. The dollar steadied on Wednesday before the Fed’s announcement later in the day. ...