US soybeans back near six-week low as China buys Argentine crop

Chicago soybeans fell back towards a six-week low on Wednesday as rising estimates of the amount of Argentine soy booked by Chinese buyers this week kept attention on stalled U.S.-China trade. Corn edged down, with the market assessing early U.S. harvesting for yield indications, while wheat extended a recovery from contract lows with support from importer demand. A rise in the dollar index kept a lid on Chicago prices. The most-active soybean contract on the Chicago Board of Trade (CBOT) was down 0.4% at $10.08 a bushel by 1048 GMT, close to a six-week low of $10.05 hit on Tuesday. The market had steadied by Tuesday’s close to hold the psychological $10 floor, but resumed its decline on Wednesday. Traders on Wednesday said that Chinese buyers have booked around 20 cargoes of Argentine soybeans, or roughly 1.3 million tons, since Argentina temporarily eliminated export taxes on soybeans, grains and byproducts earlier this week. Traders had on Tuesday cited a volume of 10 to 15 ...