Soybeans pause as market weighs China prospects

Chicago soybean futures consolidated on Thursday following a day-earlier rebound as the market assessed chances for a resumption in Chinese demand following comments by U.S. President Donald Trump. Corn and wheat, which like soybeans hit multi-week lows on Wednesday, extended a bounce, with help from a weaker dollar DXY and signs of fresh demand from wheat importers. The most-active soybean contract on the Chicago Board of Trade (CBOT) ZS1! was unchanged on the day at $10.13 a bushel by 0939 GMT. On Wednesday, the contract fell below $10 for the first time in seven weeks before rebounding by the close. U.S. farmers have lost out on billions of dollars of sales to China, which is the biggest soy importer but hasn’t yet bought beans from the autumn U.S. harvest amid a trade war with Washington. Trump said in a social media post on Wednesday that soybeans would be a major topic of discussion when he meets Chinese counterpart Xi Jinping in four weeks. The post spurred some buying but ...