GRAINS-Soybeans rise on hopes for de-escalation in US-China trade tensions

CANBERRA, April 24 (Reuters) - Chicago soybean futures rose for a fourth consecutive session on Thursday amid hopes that Washington and Beijing will de-escalate their trade war and allow the revival of U.S. soy exports to China.

Corn futures steadied after falling on Wednesday under pressure from a stronger U.S. dollar, while wheat continued to slip as rain in the U.S. and Black Sea cropping regions improved the supply outlook.

FUNDAMENTALS

The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was up 0.2% at $10.52 a bushel at 0157 GMT and near Wednesday's intraday peak of $10.57-1/2, its highest level since February 24.

CBOT corn Cv1 rose 0.2% to $4.80 a bushel and wheat Wv1 fell 0.3% to $5.41-3/4 a bushel.

The U.S. dollar index .DXY was down 0.3% after strengthening for two consecutive days, though it remains near three-year lows reached after U.S. President Donald Trump announced tariffs on dozens of countries. USD/ MKTS/GLOB

China is by far the world's biggest soybean importer and has imposed counter-tariffs on the United States that make it prohibitively expensive to import U.S. soybeans.

Trump and U.S. Treasury Secretary Scott Bessent this week suggested they would welcome de-escalation. Bessent said on Wednesday that high tariffs were not sustainable.

Speculators have responded to the change in tone from the Trump administration by buying soybeans, traders say.

Elsewhere, drier conditions in Argentina's main farm regions should help speed up the delayed 2024/25 soybean harvest, the Buenos Aires grains exchange said.

In other crops, Commodity Weather Group said showers in the U.S. Plains would benefit winter wheat in the coming days.

MARKETS NEWS

Stocks drifted on Thursday and a rebound in the dollar lost traction as investors tried to sift through the noise from the Trump administration and its fickle stance on tariffs and the Federal Reserve's leadership. MKTS/GLOB