Chicago soybeans edge higher as China keeps buying US cargoes

BEIJING, Dec 1 (Reuters) - Chicago soybean futures inched higher on Monday, as China continued to book U.S. cargoes after Washington and Beijing struck a trade truce in late October.

Wheat firmed despite abundant global supplies, while corn remained steady.

FUNDAMENTALS

The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was up 0.04% at $11.38-1/4 a bushel, as of 0140 GMT.

CBOT wheat Wv1 rose 0.37% to $5.40-1/2 a bushel and corn Cv1 was flat at $4.47-3/4 a bushel.

China has begun purchasing U.S. soybeans, wheat and sorghum following the trade truce, though uncertainty persists about whether it will meet the 12-million-metric-ton soybean purchase target cited by some U.S. officials by the year-end. Beijing has not confirmed this target.

The U.S. government has confirmed Chinese purchases of over 2 million tons of U.S. soybeans since October 30.

Last week, the U.S. Department of Agriculture reported U.S. corn export sales were 2.8 million tons for 2025-26 and 571,500 tons for 2026-27 in the week that ended October 16.

Analysts had expected sales of 1.4 million to 2.5 million tons for 2025-26 and 500,000 tons to 1 million tons for 2026-27, according to a Reuters poll.

Australia is likely to raise its wheat, barley and canola production estimates this week, with timely pre-harvest rain in the south and higher yields in the west boosting output, a survey of analysts showed.

Argentina's 2025/26 wheat harvest is expected to reach a record 25.5 million tons, up from a previous estimate of 24 million tons, thanks to higher-than-expected yields as harvesting progresses, the Buenos Aires grains exchange said on Thursday.

DATA/EVENTS (GMT)

0145 China RatingDog Manufacturing PMI Final Nov

0850 France HCOB Manufacturing PMI Nov

0855 Germany HCOB Mfg PMI Nov

0900 EU HCOB Mfg Final PMI Nov

0930 UK S&P GLOBAL MANUFACTURING PMI Nov

1445 US S&P Global Mfg PMI Final, ISM Manufacturing PMI Nov