Soybeans rise from two-month low, Chinese demand in focus

Chicago soybeans edged higher on Monday, as the market took a breather after last week’s losses, which pushed prices to their weakest since late October on demand uncertainty from top importer China. Wheat gained more ground on bargain-buying, although ample global supplies are likely to keep a lid on prices. “Chinese buying has largely been driven by the trade agreement between U.S. and China,” said one Singapore-based trader. “China’s demand for imported beans is limited as there are ample supplies in the domestic market.” The most-active soybean contract on the Chicago Board of Trade (CBOT) rose 0.3% to $10.62-3/4 a bushel by 0322 GMT, having hit its lowest since October 27 on Friday. Wheat added 0.4% to $5.11-3/4 per bushel, and corn gained 0.2% to $4.44-3/4 a bushel. Uncertainty over when China may meet a target of 12 million metric tons in U.S. soybean purchases under a trade truce between Beijing and Washington has dampened the market, particularly in the run-up to what is ...