Soybeans ease to nearly 6-week low on harvest pressure, lack of China demand

Chicago soybeans slid to a nearly six-week low on Wednesday, giving up some of last session’s gains as the market was weighed down by harvest pressure and China’s absence from the U.S. market. Corn and wheat rose on bargain-buying. “China is buying soybeans from Brazil and Argentina,” said one trader in Singapore. “U.S. market is facing pressure as there is no demand from China and U.S. harvest is gathering pace.” The most-active soybean contract on the Chicago Board of Trade (CBOT) ZS1! fell 0.2% to $10.10 a bushel as of 0223 GMT, not far from the six-week low of $10.05 hit on Tuesday. Corn ZC1! added 0.1% to $4.26-1/2 a bushel and wheat ZW1! rose 0.4% to $5.22-1/2 a bushel. China has yet to buy soybean cargoes from the autumn U.S. harvest, an unusual delay, amid the Washington-Beijing trade war and the window for possible deals is shrinking, traders said. There was increased competition from South America. On Monday, Argentina temporarily eliminated export taxes on soybeans, ...