US soyabean futures eased on Tuesday in a profit-taking setback from recent highs after new export purchases by China lifted the market to a 7-1/2-month peak late last week. The US Department of Agriculture confirmed nearly 3 million tonnes of US soyabean export sales on Tuesday, mostly to China, after high-level talks last week between the United States and China ended with a vow by Beijing to buy 5 million tonnes of US soyabeans.
Wheat and corn drifted in positioning ahead of the announcement of a backlog of crop reports on Friday by the US Department of Agriculture (USDA) which were delayed by the partial US government shutdown. Chicago Board of Trade (CBOT) March soyabean futures were down 3/4 cent at $9.17-3/4 a bushel by 12:20 p.m. CST (1820 GMT), March corn was up 1-1/2 cents at $3.80-3/4 a bushel and CBOT March wheat fell 1/4 cent to $5.25-1/2 a bushel.
Hopes continue that progress is possible in talks to end the US-China trade war which has hugely cut US soyabean exports to China. The USDA on Friday will publish data delayed by the partial government shutdown including wheat sowings, US and South American corn and soyabean production, US grain stocks and world crop season ending stocks. Grain traders are also monitoring weather in South America following hot and dry conditions in parts of Brazil this season and overly wet weather in Argentina that have dented yield prospects. Weather conditions in both countries are improving, forecasters said.
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