Soybeans ease after rally, market awaits more Chinese purchases

Chicago soybeans fell for the first time in three sessions on Tuesday, as the market came under pressure amid a lack of large-scale purchases by China, the world’s biggest importer of the oilseed, despite earlier announcements from U.S. officials. Corn and wheat also dropped with a positive picture assessed of U.S. harvesting and planting, while dealers awaited official U.S. world supply and demand data on Friday for the first time in weeks following the U.S. government shutdown. “We have yet to see China make big soybean purchases from the U.S.,” said one Singapore-based trader. “Prices are expected to remain under pressure.” Chicago Board of Trade most-active soybeans ZS1! fell 0.3% to $11.26-3/4 a bushel at 1101 GMT. Corn ZC1! fell 0.1% to $4.29-1/4 a bushel, wheat ZW1! fell 0.09% to $5.35-1/4 a bushel. China started modest purchases of U.S. farm products after a meeting of leaders of both countries, but traders still await more significant soybean buying after the White House ...