Soybeans rebound, but gains capped by ample supplies, dismal Chinese buying

Chicago soybeans inched higher on Monday, rebounding after hitting a one-week low earlier in the session on bargain buying, although forecasts of a bumper U.S. crop and slower Chinese buying trimmed gains. Corn and wheat futures edged higher. “The U.S. has a big crop to sell, but we have yet to see big purchases being made by Chinese companies,” a Singapore-based oilseed trader said. The most-active soybean contract on the Chicago Board of Trade (CBOT) rose 0.1% to $11.25-3/4 a bushel, as of 0339 GMT, having hit it lowest since November 7 earlier in the session. Corn added 0.1% to $4.30-1/2 a bushel and wheat was up 0.2% to $5.42-3/4 a bushel. U.S. farmers are expected to reap a record-large corn crop this year, though the U.S. Department of Agriculture (USDA) slightly lowered its forecast for U.S. corn and soybeans on Friday, in the first official estimates of the nation’s two most valuable crops since mid-September, before the harvest had taken shape. The USDA lowered its ...