Soybeans and wheat ease from highs on limited Chinese demand

Chicago soybean and wheat futures fell on Thursday, retreating from multi-month highs as signs of only limited Chinese purchases from the United States tempered optimism about fresh demand following a trade truce between Washington and Beijing. Corn eased, with the final stages of the U.S. harvest and favourable planting conditions in South America maintaining supply pressure. “Grains are down in early trading on lack of supportive news,” Andrey Sizov, head of consultancy Sovecon, said. The market was still awaiting confirmation of soybean purchases while a Reuters report that China has booked two cargoes of U.S. wheat suggested a smaller volume than speculation of several hundred thousand tons, he added. COMMITMENT TO BUY US SOYBEANS The most-active soybean contract on the Chicago Board of Trade (CBOT) was down 0.9% at $11.24-1/2 a bushel, as of 1251 GMT, moving back from Wednesday’s 16-month peak of $11.37. U.S. officials have said the truce agreement includes a Chinese ...