January 10, 2019 / 2:03 AM / 8 months ago

GRAINS-Soybeans edge lower; Sino-U.S. trade optimism curbs losses

    SYDNEY, Jan 10 (Reuters) - U.S. soybean futures edged lower on Thursday, though losses were checked on optimism the United States
and China may be inching toward a trade deal, soothing fears of an all-out trade war.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of Trade were down 0.3 percent at $9.21-1/2 a bushel, as of 0141 GMT,
having firmed 0.6 percent on Wednesday.
    * The most active corn futures slipped 0.2 percent to $3.82-1/4 a bushel, having gained 0.5 percent in the previous session.
    * The most active wheat futures dipped 0.1 percent to $5.19-1/4 a bushel, having closed up 0.4 percent on Wednesday. 
    * The U.S. Trade Representative's office said on Wednesday that China had pledged to purchase "a substantial amount" of
agricultural, energy and manufactured goods and services from the United States.
    * Consultancy AgRural slashed its Brazilian soy crop estimate on Wednesday to 116.9 million tonnes, from 121.4 million tonnes
previously, citing poor weather in southern Brazil.
         
    MARKET NEWS  
    * The dollar was under pressure early on Thursday on growing expectations the Federal Reserve will pause its rate tightening cycle
this year, while optimism about the Sino-U.S. trade talks reduced demand for safe-haven assets.  
    * Oil prices fell by 1 percent on Thursday on swelling U.S. supply, although the mood in global markets was increasingly confident
amid hopes the United States and China may soon end trade disputes that have undermined global economic growth.  
    * Wall Street rallied for a fourth session on Wednesday, propelled by Apple, chipmakers and other trade-sensitive stocks after signs
of progress in trade talks between the United States and China.  
    
    DATA/EVENTS
0130      China     PPI                       Dec
0130      China     CPI                       Dec
0745      France    Industrial Output         Nov
1330      U.S.      Initial Jobless Claims    Weekly
1330      U.S.      Continued Jobless Claims  weekly
1500      U.S.      Wholesale Inventories     Nov
        
 Grains prices at 0141 GMT
 Contract        Last    Change    Pct chg   Two-day chg    MA 30
 CBOT wheat    519.25     -0.75     -0.14%        +0.48%   518.66
 CBOT corn     381.25     -0.75     -0.20%        -0.26%   379.80
 CBOT soy      921.00     -3.00     -0.32%        -0.35%   911.78
 CBOT rice      10.79    -$0.01     -0.14%        +1.17%   $10.67
 WTI crude      51.79    -$0.57     -1.09%        +4.04%   $49.21
 Currencies                                                      
 Euro/dlr      $1.155    $0.011     +0.92%        +0.62%         
 USD/AUD       0.7152     0.001     +0.18%        +0.07%         
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham, Editing by Sherry Jacob-Phillips)
  
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