GRAINS-Chicago soybeans slip as traders doubt China will sustain buying

CANBERRA, Nov 20 (Reuters) - Chicago soybean futures fell further on Thursday from a 17-month high hit earlier this week, as traders doubted that China would buy enough U.S. beans to maintain a recent rally.

Corn and wheat futures were unchanged.

FUNDAMENTALS

The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was down 0.2% at $11.34 a bushel at 0126 GMT. The contract reached $11.69-1/2 on Tuesday, its highest since June 2024.

CBOT wheat Wv1 was unchanged at $5.49-1/2 a bushel and corn Cv1 flat at $4.29-3/4 a bushel. Both contracts hit multi-month highs in recent days.

Soybeans are still up more than 10% since mid-October on hopes for Chinese buying. Soy's gains have lifted corn and wheat, but the global market for all three crops is well supplied, putting a lid on price rises.

China has bought well over a million tons of U.S. soybeans this week, U.S. Department of Agriculture data confirms.

But purchases would have to continue at a rapid pace if China is to buy the 12 million tons that U.S. officials have said it committed to by the end of the year.

Market players doubt that China will follow through and say this will dent the rally. "The bulls will need to see more reports of Chinese buying," StoneX analyst Matt Zeller wrote in a note to clients.

A sharp gain in the U.S. dollar on Wednesday also knocked CBOT prices. A stronger dollar makes U.S. farm goods costlier for buyers with other currencies. .DXY USD/

Elsewhere, S&P Global Energy projected that U.S. farmers would reduce U.S. corn plantings in 2026 by 3.8% compared to 2025 while increasing soybean plantings by 4%.

Large speculators increased their net short position in CBOT soybean and corn futures in the week to Sept. 30 while trimming their net short in wheat, regulatory data released on Wednesday showed.

MARKETS NEWS

A relief rally swept across Asian markets and lifted stocks in early trading on Thursday as investors cheered Nvidia's market-topping earnings, while the dollar rose as traders braced for the release of delayed jobs data. MKTS/GLOB