GRAINS-Soybean prices fall from highest in nearly 6 mths on doubts over trade war truce

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SYDNEY, Dec 4 (Reuters) - U.S. soybean futures edged down on Tuesday to retreat from a near six-month high touched in the previous session, with optimism dwindling that Washington and Beijing would be able to resolve a festering trade dispute before a 90-day deadline.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board of Trade were down 0.2 percent at $9.04 a bushel by 0114 GMT. They firmed 1.2 percent on Monday, after hitting their highest since June 15 at $9.24 a bushel.

* The most active corn futures were down 0.3 percent at $3.80-3/4 a bushel. They gained 1.1 percent in the previous session, when prices touched their strongest since Aug. 9 at$3.85 a bushel.

* The most active wheat futures were down 0.3 percent at $5.19-1/2 a bushel, having closed up 1.1 percent on Monday. They marked their highest since Sept. 24 on Monday at $5.29-1/2 a bushel.

* 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 Chinese soybean traders say Beijing will need to drop its 25-percent tariff on U.S. shipments before a promise to buy a "very substantial" amount of U.S. soybeans can be fulfilled. U.S. soybeans remain at a premium to Brazilian shipments, which are not subject to the tariff.

* 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.

MARKET NEWS

* The U.S. dollar fell broadly on Monday, as currencies battered by trade tensions between the United States and China staged a comeback after leaders from the two countries declared the truce on tariffs.

* Oil prices rose on Tuesday, extending strong gains from the previous day amid expected OPEC-led supply cuts and a mandated reduction in Canadian output.

* Wall Street's major indexes rallied on Monday.

DATA AHEAD (GMT)

1000 Euro zone Producer prices Oct 1445 U.S. ISM-New York index Nov

Grains prices at 0114 GMT

Contract Last Change Pct chg Two-day chg MA 30 CBOT wheat 519.50 -1.75 -0.34% +0.73% 512.65 CBOT corn 380.75 -1.25 -0.33% +0.79% 377.38 CBOT soy 904.00 -1.75 -0.19% +1.03% 878.23 CBOT rice 10.91 -$0.07 -0.64% +0.23% $10.79 WTI crude 53.10 $0.15 +0.28% +4.26% $58.78

Currencies

Euro/dlr $1.136 $0.000 +0.03% +0.35% USD/AUD 0.7349 -0.001 -0.08% +0.46%

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

(Reporting by Colin Packham Editing by Joseph Radford)