Soybeans fall to seven-week low on disappointing US exports, then recover

Chicago soybeans touched seven-week lows on Monday on selling pressure following tepid U.S. export demand and the upcoming Brazilian harvest, but stabilised on bargain-buying. Wheat fell as Argentina’s large crop kept world supplies plentiful. Corn was pressured by cheap Argentine feed wheat which could reduce corn demand. Soybeans faced weakness as Chinese purchases of U.S. beans following the trade truce between the two nations disappointed traders, remaining well below the 12 million ton purchases flagged. “Soybeans are seeing some moderate support on buying interest after recent lows but the overall bearish picture remains intact, especially uncertainty about Chinese demand for U.S. soybeans,” said Matt Ammermann, commodity risk manager at StoneX. “Markets are still struggling to define what Chinese demand for U.S. soybeans will be after the trade war truce. Senior U.S. officials have said China will buy 12 million tons of U.S. soybeans but the timescale is uncertain and China ...