GRAINS-Chicago soybeans steady after pullback as traders assess China sales

By Gus Trompiz and Peter Hobson

PARIS/CANBERRA, Nov 20 (Reuters) - Chicago soybeans steadied on Thursday after a two-day slide that pulled prices from a 17-month high, with traders awaiting the latest U.S. export data for more clues on the size of Chinese purchases under a trade truce with Washington.

Corn and wheat futures edged up after day-earlier losses, with wheat finding some support in the announcement of a tender by major importer Saudi Arabia.

Investors were also seeking fresh direction from delayed U.S. jobs data for September on Thursday. MKTS/GLOB

The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was almost unchanged by 1225 GMT, up 0.04% at $11.36-3/4 a bushel.

The contract reached $11.69-1/2 on Tuesday, its highest since June 2024, before retreating to as low as $11.30-3/4 earlier on Thursday.

China has bought well over a million metric tons of U.S. soybeans this week, but purchases would have to continue at a rapid pace if it is to buy the 12 million tons that U.S. officials say it committed to by the end of the year.

"For soybeans, bullish news that China is buying may not be enough if volumes fall short of expectations," CM Navigator analyst Donatas Jankauskas said in a note.

Traders are turning their attention to weekly U.S. export sales figures that the U.S. Department of Agriculture is expected to issue later on Thursday as the agency resumes data reporting after the federal government shutdown.

A rally in the dollar index =USD, which reached a two-week high on Thursday, has also capped demand for Chicago grains by making them more expensive for overseas buyers.

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

CBOT corn Cv1 rose 0.17% to $4.42-1/4 a bushel while CBOT wheat Wv1 was up 0.59% at $5.52-3/4 a bushel.

The cereal crops had rallied in step with soybeans earlier this week, though the absence of Chinese purchases of U.S. wheat or corn curbed impetus.

Saudi Arabia's state grains buying agency said on Thursday it has issued an international tender to purchase around 300,000 metric tons of hard milling wheat.

The wheat market has also been monitoring reports of a new U.S. plan to end the war between Russia and Ukraine, both major grain exporters through the Black Sea.