Soybeans stuck at six-week low on China demand uncertainty

Chicago soybean futures fell for a fourth consecutive session on Wednesday to hold at a six-week low amid doubts that China will buy enough U.S. beans to prevent prices from losing ground in a well-supplied market. Chicago wheat also eased for a fourth session, with increases to U.S. Department of Agriculture estimates for global production and stocks underscoring ample supply. Corn ticked down after rising 1% on Tuesday when the USDA said U.S. exports would be larger than it had previously projected, leading to smaller U.S. ending stocks. Prices faced additional pressure from Tuesday’s announcement by Argentina, which said it would lower export taxes on crops including wheat, soybeans and corn, making them more competitive overseas. Grains, like wider markets, were also awaiting direction from a U.S. Federal Reserve interest rate policy decision later on Wednesday, which could influence commodity prices via any movements in the dollar. The most-active soybean contract on the ...