GRAINS-Chicago soybeans rise on US-China trade talk hopes; wheat, corn ease
BEIJING, Sept 17 (Reuters) - Chicago soybean futures extended gains into a second straight session on Wednesday, supported by optimism over U.S.-China trade talks.
Wheat fell on ample supplies and corn also eased.
FUNDAMENTALS
* As of 0106 GMT, the most active soybean contract on the Chicago Board of Trade (CBOT) Sv1 added 0.17% to $10.52 per bushel.
* Corn Cv1 lost 0.12% to $4.29 a bushel, while wheat Wv1 eased 0.19% to $5.33 per bushel.
* Soybeans drew support from news that U.S. President Donald Trump and Chinese President Xi Jinping are scheduled to speak by phone on Friday.
* News of a Trump administration proposal to address the reallocation of biofuel blending obligations that were recently waived for small oil refineries underpinned soyoil prices.
* Uncertainty over U.S. crop sizes lifted corn and soybean prices, with some traders betting the U.S. Department of Agriculture (USDA) may trim its national yield estimates for both crops in its mid-October report, citing the impact of recent dry weather.
* Flour millers in Asia have ramped up imports of U.S. wheat in recent weeks, driven by competitive prices from American suppliers and delays in shipments from the Black Sea, grain traders at an international conference said.
* France's farm ministry raised its estimate of this year's soft wheat harvest to 33.3 million metric tons, up from 33.1 million projected a month ago and 29.8% higher than the 2024 crop.
* Commodity funds were net buyers of CBOT corn, wheat, soybean futures on Tuesday, traders said. COMFUND/CBT
MARKET NEWS
* An index of world equity markets edged higher in choppy trading after hitting a record high on Tuesday ahead of the widely expected start of the Federal Reserve's rate easing cycle, while U.S. Treasury yields and dollar fell. MKTS/GLOB
DATA/EVENTS (GMT)
0600 UK CPI, Core CPI YY Aug
0600 UK CPI Services MM, YY Aug
0900 EU HICP Final MM, YY Aug
1230 US Housing Starts Number Aug
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