Soybeans slip after missing out on US-China tariff cuts

PARIS/BEIJING, Sept 28 (Reuters) - Chicago soybean futures fell on Monday as traders were disappointed that soybeans were excluded from proposed tariff cuts on agricultural goods following last week's US-China summit.

The most-traded soybean contract on the Chicago Board of Trade was down 1.8% at $12.95-1/2 a bushel at 1200 GMT, after falling to a two-week low.

The benchmark rose to its highest in nearly three years earlier this month in the run-up to the meeting between US President Donald Trump and Chinese counterpart Xi Jinping.

A list of US agricultural goods set for tariff cuts, released on Monday by Beijing, included grains such as wheat, corn and sorghum, but omitted soybeans, the single biggest US agricultural export to China.

"This is supportive for coarse grains but less helpful for beans than the market had hoped," CM Navigator analysts said in a note.

Monday's announcement implies that US soybeans will continue to face an additional tariff of 10%, which traders have warned is too high for private importers to absorb, even as Chinese state buyers have stepped up purchases.

CBOT wheat was down 1.1% at $6.95-3/4 a bushel and CBOT corn 1.3% off at $5.21-1/2 a bushel, though they remained above one-month lows hit on Friday.

News that corn and wheat were included on the list for reduced Chinese tariffs drew little support, with Beijing seen as having relatively limited import requirements in the cereals.

The wheat market was still focused on diplomatic efforts to ease disruption to Black Sea grain exports, even as daily attacks continued in Russia's 4-1/2-year-old war with Ukraine.

Ukrainian President Volodymyr Zelenskiy said on Friday that India, Turkey, Egypt and other Middle Eastern countries were taking part in talks on unblocking shipping in the Black Sea, while Turkey has submitted proposals to Moscow on the security of shipping.

Russia could quickly restart up to 80% of its grain terminal capacity in the Black Sea if diplomatic efforts to halt mutual attacks result in a ceasefire, a Reuters analysis of industry data showed.

Cautious buying from importers and availability of alternative supplies, including a wave of export sales by Argentina, have also encouraged grain markets to ease after three-year highs at the start of the September.