GRAINS-Soybeans hold at two-month peak as US-China hopes linger

PARIS/CANBERRA, April 24 (Reuters) - Chicago soybean futures rose for a fourth session on Thursday to hold at a two-month high as comments by U.S. officials on a possible de-escalation in the trade standoff with China continued to lend some support to the oilseed market.

Corn edged up to recover from Wednesday's near two-week low and wheat eased to a one-week low, as investors weighed an export-friendly drop in the dollar =USD against an improving weather outlook for U.S. crops.

The most active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was up 0.52% at $10.55-3/4 a bushel at 1128 GMT. It earlier equalled Wednesday's peak of $10.57-1/2, its highest level since February 24.

China is by far the world's biggest soybean importer and its counter-tariffs on U.S. goods have made it prohibitively expensive to import U.S. soybeans.

U.S. President Donald Trump and U.S. Treasury Secretary Scott Bessent this week suggested current tariffs could be lowered as part of negotiations with China, though Beijing on Thursday denied that trade talks were taking place.

"Some expectations of de-escalation with China could have helped beans, but I won't overestimate that factor as the details are vague and there is no timeline," Andrey Sizov, head of consultancy Sovecon, said.

The soybean market may also be trying to secure extra acres during the U.S. spring planting season, with the oilseed currently forecast to lose a significant share to corn, he said.

Corn prices have been curbed this week by expectations that U.S. farmers will get enough rain breaks to make headway in planting, despite a wet start to spring in parts of the Midwest.

Beneficial rain for Brazilian corn crops and dry spells forecast for Argentina's harvest were also keeping a lid on prices.

However, weakness in the dollar amid investor jitters over Trump's tariff agenda has helped sustain a brisk U.S. corn export season. FRX/

Grain markets will get a demand update later on Thursday from weekly U.S. export sales figures.

CBOT corn Cv1 rose 0.37% to $4.81 a bushel and CBOT wheat Wv1 ticked down 0.05% to $5.43-1/4 a bushel.

Wheat prices remained pressured by rain in major production zones in the central U.S., Western Europe and the Black Sea region, as well as tepid demand from importers, traders said.