GRAINS-Soybeans sit below 17-month highs as traders mull Chinese demand

CANBERRA, Nov 24 (Reuters) - Chicago soybean futures were flat on Monday, sitting a little below last week's 17-month high as traders pondered whether China would buy enough U.S. beans to push prices higher.

Wheat futures slipped for a fourth straight session amid abundant supply, while corn edged higher.

FUNDAMENTALS

The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was unchanged at $11.25 a bushel at 0151 GMT, with CBOT corn Cv1 up 0.1% at $4.37-3/4 a bushel and wheat Wv1 0.3% lower at $5.38-1/4 a bushel.

Soybeans reached $11.69-1/2 last Tuesday, the highest since June 2024, as China ramped up purchases from the United States, and prices are still up around 12% from mid-October. Corn and wheat also reached multi-month highs last week.

The U.S. Department of Agriculture (USDA) confirmed sales of 1.584 million tons of U.S. soybeans to China last week, the biggest weekly total since November 2023.

Traders and analysts say total U.S. sales to China may be closer to 2 million to 3 million tons since China-U.S. trade talks last month ended a Chinese boycott.

But this volume has been priced in already, traders say, and with higher prices triggering selling by farmers, China already flush with beans, and Brazil offering cheaper supplies, many in the market doubt that China will continue buying from the U.S. at a fast enough pace to drive a new rally.

Large speculators cut their net short position in CBOT soybeans in the week to Oct. 7, regulatory data showed. They also trimmed their net short in CBOT wheat and increased their net short in corn.

MARKETS NEWS

Global stocks began an event-filled week on the front foot on Monday, as investors took heart from growing expectations of a Federal Reserve rate cut in December even as policymakers remain divided over such a move. MKTS/GLOB