Chicago Board of Trade (CBOT) soybean futures slipped slightly on Tuesday, down 0.2% to $11.55¼ per bushel, after earlier hitting their highest level since June of last year. Prices have gained around 14% over the past month, driven by China’s ramped-up purchases of U.S. soybeans. Chinese state-owned COFCO bought 14 cargoes (~840,000 metric tons) for December and January shipment, marking the largest purchases since the recent U.S.-China summit.

Corn and wheat also experienced mixed moves. CBOT wheat hit a multi-month high of $5.61¼ before retreating to $5.55½, while corn eased 0.2% to $4.33¾, remaining near last week’s peak of $4.42¾.

Analysts note that while strong Chinese demand and record U.S. soybean crush numbers support the market, ample global supplies continue to cap further gains. USDA harvest estimates slightly above expectations also weighed on prices.