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Soybeans steady as market awaits Sino-U.S. trade updates

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SYDNEY — U.S. soybean futures held steady on Thursday as nervous traders awaited developments around the trade deal between Washington and Beijing.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board of Trade were near unchanged at $8.93-3/4 a bushel by 0224 GMT, having closed down 0.9% on Wednesday.

* Corn futures edged up 0.1% to $3.71-1/2 a bushel, having closed down 1.5% in the previous session when prices hit a Nov. 25 low of $3.71 a bushel.

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* Wheat futures slid 0.3% to $5.17-3/4 a bushel, having closed down 0.9% on Wednesday when prices hit a Nov. 22 low of $5.16-3/4 a bushel.

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* U.S. President Donald Trump is expected to meet with top trade advisers on Thursday to discuss planned Dec. 15 tariffs on some $160 billion in Chinese goods, three sources familiar with the plans said, as markets braced for potential negative impacts.

* Chinese buyers booked deals to buy 585,000 tonnes of U.S. soybeans, the U.S. Agriculture Department said on Wednesday.

* China’s agriculture ministry said on Wednesday African swine fever had been detected in three dead wild boars in northwestern Shaanxi province.

MARKET NEWS

* The U.S. dollar fell on Wednesday to a four-month low against a basket of currencies after the Federal Reserve held interest rates steady and Fed Chair Jerome Powell said a significant, persistent inflation rise would be needed to hike rates.

* Oil prices edged higher with the market mood switching to relief as OPEC forecast a supply deficit next year, from doom and gloom over data showing a surprise increase in U.S. crude inventories.

* Wall Street’s main stock indexes ended modestly higher on Wednesday after the U.S. Federal Reserve held interest rates steady and signaled that borrowing costs are likely to remain unchanged indefinitely.

(Reporting by Colin Packham; editing by Uttaresh.V)

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