GRAINS-Soybean prices ease after rally, US market waits for China action on tariffs


* Soybeans tick lower after two sessions of gains, wheat falls

* U.S. soybean market awaits Chinese action on lower tariffs

(Adds comment, detail) SINGAPORE, Dec 4 (Reuters) - Chicago soybean futures lost ground on Tuesday after two sessions of gains, pressured by doubts over China's demand for U.S. cargoes as long as trade war tariffs remain in place. At a gathering of G20 countries in Argentina on Saturday, U.S. President Donald Trump agreed to hold off on new tariffs during a 90-day truce period, while Chinese counterpart Xi Jinping pledged to purchase more agricultural products from U.S. farmers immediately, the White House said. But China will need to drop steep tariffs it imposed on a range of American farm products, including soybeans, before it can fulfil its pledge to buy substantial volumes of U.S. goods.

The most-active soybean contract on the Chicago Board of Trade had slid 0.5 percent to $9.01-1/2 a bushel by 0254 GMT. On Monday, the market touched its highest since June 15 at $9.24 a bushel before giving up some of those gains. Wheat fell 0.6 percent to $5.18 a bushel, having closed up 1.1 percent on Monday. Corn was down 0.4 percent at $3.80-1/2 a bushel, after gaining 1.1 percent in the previous session. "The landed cost of U.S. soybeans is $60 to $70 (a tonne) higher than Brazilian prices when you take into account the 25-percent tariff on U.S. beans," said a Singapore-based executive at an international trading company. "We don't expect much demand until the tariff is removed," he added, declining to be identified as he was not authorised to speak with media. China will probably resume buying American soybeans around Jan. 1 because of limited supplies in Brazil after slashing imports from the United States due to the U.S.-China trade war, U.S. Agriculture Secretary Sonny Perdue said on Monday.

Brazilian soybean farmers anticipate a drop in prices if China removes tariffs on U.S. beans in March, when new trade terms between the world's two largest economies may be disclosed and South American nations will be collecting another bumper crop.

Grains prices at 0254 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 518.00 -3.25 -0.62% +2.02% 512.42 64 CBOT corn 380.50 -1.50 -0.39% +2.42% 377.33 66 CBOT soy 901.50 -4.25 -0.47% +1.61% 877.00 65 CBOT rice 10.91 -$0.08 -0.68% -0.09% $10.79 57 WTI crude 53.44 $0.49 +0.93% +3.87% $59.33


Euro/dlr $1.137 $0.005 +0.46% -0.21% USD/AUD 0.7359 0.004 +0.60% +0.56%

Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential

(Reporting by Naveen Thukral Editing by Joseph Radford)