Soybeans ease from three-month peak, wheat hits lowest since 2020 on supply pressure

Chicago soybeans edged down on Tuesday after hitting a three-month high in the previous session following a temporary truce in the U.S.-China trade war and a bullish U.S. Department of Agriculture report. Wheat futures extended losses to their lowest since 2020 as higher than expected forecast of U.S. stocks and a sharp improvement in U.S. crop conditions added to supply pressure. Corn also fell. The most-active CBOT soybean contract was down 0.2% at $10.68-3/4 a bushel by 1206 GMT, consolidating below Monday’s three-month peak of $10.74-3/4. Broader financial markets were also more subdued on Tuesday as investors assessed whether Monday’s agreement announced by Washington and Beijing to temporarily reduce reciprocal tariffs would lead to a lasting improvement in trade relations. Monday’s deal buoyed the soybean market, in which China dominates global imports, by boosting hopes for revived Chinese demand for U.S. farm goods. Later in the day, the USDA’s supply and demand ...