GRAINS-Soybeans tick up amid China buying uncertainty; corn, wheat slip

BEIJING, Dec 2 (Reuters) - Chicago soybean futures edged higher on Tuesday as traders assessed the pace of U.S. soybean purchases by top buyer China following a trade truce between Beijing and Washington in late October.

Wheat fell for a third straight session on abundant global supplies, while corn eased as traders booked profits.

FUNDAMENTALS

The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was up 0.09% at $11.29 a bushel, as of 0124 GMT.

CBOT wheat Wv1 slipped 0.28% to $5.33-1/2 a bushel and corn Cv1 dipped 0.06% to $4.44-3/4 a bushel.

The U.S. Department of Agriculture reported no new U.S. soybean sales to China on Monday under its daily reporting rules, following a series of confirmed sales since mid-November.

Weekly U.S. corn export inspections in the latest week reached 1,421,258 metric tons, exceeding expectations of 1,000,000 to 1,250,000 tons.

Competition from South American crops continues to weigh on the market. Brokerage StoneX trimmed its forecast for Brazil's total 2025/26 soybean and corn production.

In Australia, the government's ABARES agency raised its forecast for the country's 2025/26 wheat production by around 1.8 million tons to 35.6 million tons, cementing expectations for a bumper harvest.

Ukraine's wheat harvest could rise to between 24 million and 25 million tons in 2026 from 23 million tons in 2025, Ukraine's deputy economy minister said.

Commodity funds were net sellers of CBOT corn and soybeans on Monday, traders said. COMFUND/CBT

MARKETS NEWS

The U.S. dollar remained under pressure on Tuesday as weaker-than-expected manufacturing activity data from the world's biggest economy heaped pressure on the Federal Reserve to cut interest rates at its policy meeting later this month. FRX/

DATA/EVENTS (GMT)

0700 UK Nationwide house price mm, yy Nov

1000 EU HICP Flash YY Nov

1000 EU HICP-X, F, E, A, T Flash MM, YY Nov

1000 EU Unemployment Rate Oct