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.

The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was up 0.4% at $10.54-1/4 a bushel at 0516 GMT and near Wednesday's intraday peak of $10.57-1/2, its highest level since February 24.

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, with Bessent saying high tariffs were not sustainable.

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

Trump's administration also said last week that China-built ships collecting U.S. bulk crops would be exempt from its new port fees, removing a threat to farm exports.

"The market is riding a wave of thinking that Trump's tariff rhetoric was a bluff and now he'll negotiate with everyone," said Rabobank analyst Vitor Pistoia.

Potentially adding to hopes of a deal between Washington and Beijing that would include soybeans is a gradual drawdown in soybean stocks in Chinese ports, said Commonwealth Bank analyst Dennis Voznesenski.

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, CBOT corn Cv1 rose 0.2% to $4.80 a bushel and wheat Wv1 fell 0.3% to $5.42 a bushel.

The U.S. dollar index .DXY was down 0.2% 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

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