Soybeans steady after three-day fall, China demand in focus

Chicago soybean futures inched up on Thursday, steadying after a three-day fall with support from a weaker dollar, while traders sought more indications about Chinese purchases of U.S. soy. Wheat was little changed as traders awaited updated crop forecasts from major exporter Canada, while corn eased further back from a six-month high hit earlier this week. The dollar index DXY fell to a new one-month low on growing expectations for a U.S. interest rate cut next week, making U.S. crops cheaper overseas. “The macro backdrop is supportive for agriculture money flows,” Peak Trading Research said in a note. “The weak dollar and growing confidence in a Fed rate cut next Wednesday are doing most of the work.” The most-active soybean contract ZS1! on the Chicago Board of Trade was up 0.2% at $11.18 a bushel by 1113 GMT. The market was pressured on Wednesday by comments from U.S. Treasury Secretary Scott Bessent, who said China would complete its commitments to purchase 12 million metric ...