Soybean futures stabilize as traders await US-China summit

CBOT corn Cv1 was down 4-1/4 cents at $5.38-3/4 a bushel, while wheat Wv1 dropped 6 cents to $7.20-3/4 a bushel.

Farmers were advancing soy and corn harvests in the US Midwest, bringing in fresh supplies from their fields. After trading ended on Monday, the US Department of Agriculture reported the corn harvest was 13% complete as of Sunday and soybeans were 12% harvested, ahead of their five-year averages.

Traders kept an eye on the weather forecast due to concerns about rain slowing harvests in some areas.

"It just continues to be one that is not conducive to a quick, fast harvest," Roose said.

Wheat futures came under pressure from diplomatic efforts toward de-escalation in Russia's war with Ukraine, which has choked Black Sea grain exports from the two countries, traders said.

The prospect of a truce on attacks on energy infrastructure bolstered hopes of subsequent steps to restore Black Sea shipping. The issue was expected to be discussed by Trump and Ukrainian President Volodymyr Zelenskiy at the United Nations on Tuesday.

However, continued attacks on ports and vessels tempered expectations of a recovery in grain shipments.

Trump told reporters that his message to Russian President Vladimir Putin was to "settle the war."

Chicago Board of Trade soybean futures traded nearly flat on Tuesday as traders waited to see whether a US-China summit this week boosts Chinese demand for American farm goods.

The market took a breather after rallying on Monday on hopes for US agriculture deals with China, the world's biggest soybean importer, in anticipation of Thursday's planned meeting between Presidents Donald Trump and Xi Jinping. Traders want to see whether Beijing agrees to purchases and to remove a 10% import duty on US soybeans.