Soybeans steady as traders watch China demand; wheat stays weak

Chicago soybean futures ticked up Tuesday, steadying after a day-earlier drop, as traders continued to assess the pace of Chinese purchases following a trade truce between Beijing and Washington in late October. Corn also edged higher, underpinned by brisk export demand that pushed prices to a six-month peak on Monday, while wheat extended its fall as bumper southern hemisphere harvests were set to stiffen export competition. The most-active soybean contract on the Chicago Board of Trade (CBOT) was up 0.5% at $11.34 a bushel by 1233 GMT. The White House has said China agreed to buy 12 million metric tons of U.S. soybeans by year-end, though Beijing has not confirmed the target. Uncertainty over the scale of Chinese demand has kept soybean prices in a relatively narrow range since a 17-month high struck in mid-November. The U.S. Department of Agriculture reported no new U.S. soybean sales to China on Monday. “Soybean bulls will be looking for further U.S. export announcements to ...