Soybeans ease after rally, wheat holds at three-month high

Chicago soybeans fell on Tuesday from a 16-month high hit in the previous session as traders awaited Chinese purchases of U.S. cargoes following last week’s trade truce agreed by the world’s two largest economies. Wheat gained more ground to set a new three-month peak, with ongoing rumours of Chinese interest in U.S. wheat encouraging investors to cover short positions. Corn tracked soybeans lower, while an increased private forecast for the U.S. corn yield put attention back on large supplies coming in from the nearly complete 2025 harvest. The most-active soybean contract on the Chicago Board of Trade (CBOT) ended the overnight trading session down 1.5% at $11.17 a bushel, having climbed to its highest since June 2024 on Monday at $11.35-3/4. The U.S. administration has said China will buy millions of metric tons of U.S. soybeans under last week’s agreement to de-escalate the countries’ trade war, with Washington specifying an initial volume of 12 million tons should be booked ...