GRAINS-Soybeans pause their rally as traders await US-China deal

CANBERRA, Oct 29 (Reuters) - Chicago soybean futures edged lower on Wednesday amid selling by U.S. farmers after prices surged in the previous session to their highest point in 15 months, supported by hopes that China will agree to resume purchases of U.S. soybeans.

Corn futures slipped and wheat traded flat. In recent sessions, both contracts mirrored upbeat performances in soybeans.

FUNDAMENTALS

The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was down 0.4% at $10.90-3/4 a bushel, as of 0017 GMT. In the previous session, the contract touched as high as $11.08.

CBOT corn Cv1 fell 0.2% to $4.31 a bushel, retreating from $4.36-1/4 hit on Tuesday, its highest point since early July. Wheat Wv1 was flat at $5.29 a bushel after hitting $5.35 on Tuesday, the highest level since mid-September.

All three contracts have been under pressure in recent months from ample global supply and the refusal by China, the world's biggest soybean importer, to buy U.S. beans.

U.S. President Donald Trump and his Chinese counterpart Xi Jinping are expected to meet in South Korea on Thursday. Trump said on Monday that a trade deal should be agreed and Treasury Secretary Scott Bessent said China would make "substantial" soybean purchases under the proposed framework.

Analysts said farmers were selling soybeans and corn to lock in the higher prices, which would likely fall again if no deal or a smaller than expected deal is done.

The United States is currently gathering its biggest U.S. corn crop in history and a bumper soy crop. The soy harvest was 84% complete, as of Sunday, and the corn harvest was 72% finished, according to a Reuters poll of 10 analysts.

MARKETS NEWS

Global shares ascended to an intraday record on Tuesday, buoyed by signs of cooling trade tensions between the U.S. and China and by gains in technology shares, while investors awaited a Federal Reserve policy decision and digested corporate earnings. MKTS/GLOB