GRAINS-Chicago soybeans extend losses on China trade uncertainty; corn, wheat ease

BEIJING, Oct 22 (Reuters) - Chicago soybean futures fell for a second straight session on Wednesday, pressured by ongoing uncertainty over U.S.-China trade talks, with Chinese buyers continuing to shun new-crop supplies in the U.S. due to tariffs.

Corn edged lower on harvest pressure and profit-taking, while wheat also slipped on ample global supplies.

FUNDAMENTALS

As of 0133 GMT, the most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was down 0.22% at $10.28-1/2 per bushel.

Corn Cv1 eased 0.06% to $4.19-1/2 a bushel, while wheat Wv1 dipped 0.05% to $5 a bushel.

Traders are closely monitoring a highly anticipated meeting between U.S. President Donald Trump and Chinese President Xi Jinping in South Korea next week. Trump said he expects a "fair deal," he also cast doubt on whether talks would proceed.

According to U.S. soy industry groups American Soybean Association (ASA) and the U.S. Soybean Export Council, there are no new sales of United States' soybeans to China and nothing is expected to be loaded in coming weeks.

The Trump administration plans to distribute billions in aid for farmers and reopen some activities of the U.S. Department of Agriculture amid the ongoing federal shutdown, the agency said on Tuesday.

Corn markets are awaiting more clarity on crop size as the U.S. harvest progresses.

Wheat prices remain under pressure after Russia's IKAR consultancy has raised its 2025 wheat and grain production forecasts for the country, reinforcing concerns over abundant global supply.

Commodity funds were net sellers of CBOT corn and wheat futures on Tuesday, traders said. COMFUND/CBT

MARKET NEWS

Major stock indexes were mostly near flat on Tuesday, with upbeat results and forecasts from top U.S. companies providing some support, while gold prices dropped more than 5% as investors took profits after a recent rally. MKTS/GLOB

DATA/EVENTS (GMT)

0600 UK CPI, Core CPI YY Sep

0600 UK CPI Services MM, YY Sep