Wheat eases for second session, soybean mkt eyes trade talks

SINGAPORE, Nov 28 (Reuters): Chicago wheat futures edged down on Wednesday after declining 1.5 per cent in the last session, with plentiful world supplies and higher exports from Russia dragging on the market.

Soybeans held on to Tuesday's hefty gains ahead of talks between the United States and China to try to resolve trade tensions.

The most-active wheat contract on the Chicago Board of Trade had eased 0.1 per cent to $5.06-1/4 a bushel by 0302 GMT.

The market on Tuesday dropped to its lowest since Nov. 20 at $5.04 a bushel. Soybeans were unchanged at $8.75-1/2 a bushel, having firmed 1.5 per cent on Tuesday.

Corn was down 0.1 per cent at $3.56-1/4 a bushel, after gaining 0.1 per cent in the previous session. "Wheat prices have bottomed out as we are likely to see higher demand for US wheat next year even though Russia is continuing to dominate the export market," said Phin Ziebell, agribusiness economist, National Australia Bank.

"Soybean trading is likely to be subdued until the outcome of the G20 meeting."

Soybeans prices remain under pressure as the US-China trade war shows little sign of abating. The focus in soy markets was on the G20 summit in Argentina this week, where US President Donald Trump is expected to meet with China's Xi Jinping for the first time since the world's two largest economies imposed tariffs on each other's imports.