SINGAPORE: Chicago soybeans eased on Wednesday, though the market traded not far from a two-week high touched in the previous session as U.S. and Chinese officials agreed on a framework to put their trade truce back on track.

Wheat edged higher for the first time in three sessions, although improved U.S. crop ratings and higher output in top exporter Russia kept a lid on prices.

FUNDAMENTALS

* The most-active soybean contract on the Chicago Board of Trade (CBOT) was down a quarter of a cent at $10.57-1/2 per bushel, as of 0031 GMT, but remained close to Tuesday's high— the strongest level since May 28.

* Wheat edged 0.2% higher to $5.35-1/2 a bushel and corn gained 0.2% at $4.39-1/2 a bushel.

* After two days of negotiations, both economies agreed on a framework to ease retaliatory tariffs and help resolve China's export restrictions on rare-earth minerals and magnets, U.S. Commerce Secretary Howard Lutnick said on Tuesday at the conclusion of two days of intense negotiations in London.

* China's Vice Commerce Minister Li Chenggang earlier said the two teams had agreed on implementing their Geneva consensus and would take the agreed framework back to their leaders.

* China is the world's biggest soybean importer, while the United States is the No. 2 exporter.

* Wheat prices have come under pressure over the past two sessions after the U.S. Department of Agriculture raised its ratings for both spring and winter wheat crops, exceeding analysts' expectations.

* Russia's grain harvest is projected to reach 135 million metric tons in 2025, up from 130 million tons last year, Deputy Prime Minister Dmitry Patrushev said, according to Interfax news agency.

* Commodity funds were net buyers of CBOT soyoil futures contracts on Tuesday, net even in soybeans and soymeal, and net sellers of wheat and corn futures, traders said.

DATA/EVENTS (GMT) 1230 US Core CPI MM, SA; YY, NSA May 1230 US CPI MM, SA; YY, NSA May 1230 US CPI Wage earner May (Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips)