BEIJING - Chicago wheat and corn edged lower on Thursday, as concerns about a military escalation in the Black Sea grain export region eased, with ample global wheat supplies continuing to weigh on prices.

The most-active wheat contract on the Chicago Board of Trade (CBOT) lost 0.05% to $5.38 a bushel, as of 0344 GMT, while corn dipped 0.17% to $4.42-3/4 a bushel.

Fears of disruption to Black Sea grain shipments eased after a five-hour Kremlin meeting between Russian President Vladimir Putin and U.S. President Donald Trump's top envoys, even though no agreement was reached to end the war in Ukraine.

Putin had threatened to sever Ukraine's access to the Black Sea following drone attacks on Russian-linked vessels.

Soybean futures rose 0.04% to $11.16-1/4 a bushel, after three straight sessions of consecutive declines, as traders tracked the pace of Chinese purchases of U.S. supplies.

U.S. Treasury Secretary Scott Bessent said on Wednesday that China was poised to complete its commitments under a Sino-U.S. trade agreement, including the purchase of 12 million metric tons of soybeans, which the Treasury chief said would be finished by the end of February 2026.

The White House had earlier said the same volume would be bought by year-end - a much shorter timeline - but Beijing has not officially confirmed either the volume or the schedule.

"The news is bearish for the CBOT market, as the U.S. will face competition from Brazil's new-crop soybeans early next year, and non-China demand is likely to shift to the Brazilian market due to its more competitive prices," said Johnny Xiang, founder of Beijing-based AgRadar Consulting.

The United States Department of Agriculture (USDA) will release its weekly export sales report later on Thursday.

Traders estimated U.S. net export sales for the week ended October 30 at 250,000 to 650,000 tons for wheat, 600,000 to 2,000,000 tons for soybeans, and corn export sales at 800,000 to 2,500,000 tons.