CANBERRA - Chicago soybean futures crept higher on Wednesday after comments by U.S. President Donald Trump's administration bolstered expectations of further Chinese purchases, but remained below last week's 17-month high.

Wheat futures fell as a consultancy in Russia predicted that the country, the world's biggest wheat exporter, would follow this year's large crop with another big one in 2026.

Corn was unchanged, with a sharp fall in exports from Ukraine providing some support.

FUNDAMENTALS

* The most-active soybean contract on the Chicago Board of Trade (CBOT) was up 0.1% at $11.26-1/4 a bushel at 0129 GMT after rising as high as $11.69-1/2 last week, thanks to Chinese purchases of U.S. beans.

* CBOT wheat fell 0.5% to $5.36-3/4 a bushel and corn was flat at $4.38-1/4 a bushel.

* Soybean prices are up around 12% since mid-October but the rally has lost momentum amid doubts that China is buying enough U.S. beans to keep driving prices higher.

* Chinese purchases of American soybeans are "right on schedule", U.S. Treasury Secretary Scott Bessent said on Tuesday, citing an agreement for China to buy 87.5 million metric tons over the next 3-1/2 years.

* Meanwhile, Trump said he pressed Chinese President Xi Jinping to accelerate and increase Beijing's purchases of U.S. goods during a phone call on Monday, and the Chinese leader had "more or less agreed."

* The U.S. government has confirmed Chinese purchases of nearly 2 million tons of U.S. soybeans since October 30, but traders say the pace looks too slow for China to deliver on a pledge that U.S. officials said it made to buy 12 million tons by year-end.

* The rally has also pushed U.S. soybean prices above those of other countries like Brazil, making it less likely that other nations will buy from the United States.

* The Chicago Board of Trade will remain closed for the U.S. Thanksgiving Day holiday on Thursday.

MARKETS NEWS

* Global stocks climbed on Tuesday and were set for a third straight session of gains, as investors remained optimistic the Federal Reserve would cut U.S. interest rates at its December meeting, while U.S. Treasury yields declined.