Soybeans hit 17-month high ahead of US report, China's absence caps gains

• Soybeans up for 2nd session, climb to highest since June 2024
• Expectations of lower U.S. yields lift prices
• Lack of Chinese demand for U.S. cargoes to cap prices

By Naveen Thukral

SINGAPORE, Nov 13 (Reuters) - Chicago soybeans rose on Thursday to their highest in nearly 17 months as expectations of lower U.S. yields underpinned prices, although the absence of Chinese buying curbed gains.

Wheat was flat, while corn ticked lower.

"The soybean market is firm today before the U.S. report, but Chinese buying is key for price direction," said one agricultural broker. "If China doesn't buy U.S. beans, there is not much upside for prices."

The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 rose 0.3% to $11.37-1/2 a bushel by 0352 GMT, after hitting its highest since June 2024 at $11.39 a bushel earlier in the session.

Corn Cv1 fell 0.2% to $4.34-1/2 a bushel and wheat Wv1 was unchanged at $5.52-1/2 a bushel.

The U.S. Department of Agriculture (USDA) is scheduled to release its data on global supply and demand of farm products on Friday, the first update in weeks.

A Reuters poll of analysts projected that the USDA will lower its U.S. corn yield estimate to 184.0 bushels per acre (bpa) from 186.7 bpa in its previous September 12 forecast and peg the U.S. soybean yield at 53.1 bpa, down from 53.5 bpa previously.

China has made only modest U.S. agricultural purchases since the leaders of the two countries met last month, with a mounting glut of soybeans likely to limit its ability to make purchases.

In news likely to limit gains in wheat prices, Argentina's 2025-26 wheat crop is now projected to hit a record high, the Rosario Grains Exchange said, citing stronger yields during the ongoing harvest.

The exchange raised its output forecast to 24.5 million metric tons, a hike of 1.5 million tons from last month's estimate.