Soybeans set to snap seven-week rally on China demand doubts

Chicago soybean futures edged down on Friday and were set for a first weekly loss in eight amid uncertainty over the scale of Chinese demand for U.S. supplies under a bilateral trade truce. Wheat and corn also eased, with ample global grain supply tempering support from brisk U.S. corn exports. Grain markets were turning their attention to a U.S. Department of Agriculture supply and demand report next Tuesday, while investors were also watching for a U.S. inflation reading later on Friday to gauge prospects for an interest rate cut next week. The most-active soybean contract on the Chicago Board of Trade (CBOT) ZS1! was down 0.3% at $11.16-1/2 a bushel by 1011 GMT. The USDA on Thursday reported 1,248,500 tons of net export sales of U.S. soybeans in the week ended October 30, including 232,000 tons to China, the country’s first purchases from the 2025 U.S. harvest. However, overall purchases remain well below the 12-million-metric-ton target referred to by senior U.S. officials, ...