Soybeans rise 1%, but lack of Chinese buying limits upside

Chicago soybeans firmed on Wednesday, recovering some of the previous session’s losses after Beijing reduced tariffs on U.S. farm goods, although gains were capped by expectations of weak Chinese demand for U.S. cargoes. Corn was almost flat and wheat fell as broad market declines in crude oil and Wall Street equities added to the bearish sentiment. China will suspend retaliatory tariffs on U.S. imports following last week’s meeting of their two leaders, including lifting duties on farm goods, Beijing confirmed on Wednesday, but imports of U.S. soybeans will still face a 13% tariff. “We don’t think this reduction in tariffs is going to generate demand for U.S. soybeans in China,” said one Singapore-based oilseed trader. “U.S. soybeans are already more expensive than Brazilian beans.” The most-active soybean contract on the Chicago Board of Trade (CBOT) added 0.9% at $11.31-3/4 a bushel, as of 0842 GMT. Corn was unmoved at $4.32 a bushel and wheat gave up 0.1% to $5.49-1/2 a ...