Wheat near one-week low on harvest pressure; soybeans firm

Chicago wheat slid for a second session on Tuesday, with prices close to a one-week low on pressure from the Northern Hemisphere harvest and a forecast of higher output in top exporter Russia. Soybeans edged higher as talks between China, the world’s No. 1 importer of the oilseed, and the United States, the second largest exporter, got underway to resolve their trade dispute that has hit farm trade. “We prices are pulling back after last week’s gains,” said a trader in Singapore. “Harvest has started in some key exporting countries which is putting pressure on prices as supplies going to increase.” The most-active wheat contract on the Chicago Board of Trade (CBOT) fell 0.4% to $5.40 a bushel, as of 0209 GMT, after hitting its lowest since June 4 earlier in the session. Corn fell 0.1% to $4.33-1/4 a bushel, while soybeans added 0.5% to $10.61-1/4 a bushel. Wheat futures face headwinds as the winter wheat harvest got under way and the market paused after last week’s bounce. There ...