Soybeans at lowest since October as market grapples with US-China truce

Chicago soybean futures on Monday fell below $11 a bushel for the first time since October amid uncertainty over whether China will buy as much U.S. supply as Washington expects and as traders awaited direction from U.S. grain forecasts and an interest rate decision. Corn and wheat inched up, supported by U.S. Department of Agriculture projections on Friday that American farmers will plant less of the cereals next year and shift some area towards soybeans. Price moves were limited with traders awaiting the USDA’s monthly supply and demand report, as well as a U.S. Federal Reserve interest rate decision that could weigh on commodities via swings in the dollar. “The coming week looks busy, with the USDA’s December report due tomorrow and the Fed’s rate decision on Wednesday,” CM Navigator analyst Donatas Jankauskas said. The most-active soybean contract on the Chicago Board of Trade (CBOT) was down 0.6% at $10.98-1/4 a bushel at 1226 GMT after touching $10.95-1/4, its lowest since ...