Soybean slip further on China demand doubts

Chicago soybean futures edged lower on Tuesday to hold at their lowest since late October amid market doubts about the scale of Chinese demand for U.S. soybeans under a bilateral trade truce, and on expectations that large South American production will keep the market well supplied. Wheat futures edged down for a third day, with Argentina’s announcement that it will lower export taxes on major grains underscoring international competition. Corn ticked up after a two-session fall, supported by healthy demand for U.S. exports. Price moves were limited as grain markets awaited the U.S. Department of Agriculture’s monthly supply-demand report later in the day. The most-active soybean contract on the Chicago Board of Trade (CBOT) had fallen 0.6% to $10.87-1/2 a bushel by 1231 GMT. Soybeans rallied to a 17-month high of $11.69-1/2 in mid-November after top importer China resumed U.S. purchases after the truce in the countries’ trade standoff. But prices slipped as low as $10.91-3/4 on ...