February 13, 2019 / 3:04 AM / 7 months ago

GRAINS-Soybean prices inch down, retreat from 5-day high

    SYDNEY, Feb 13 (Reuters) - U.S. soybean futures edged down
on Wednesday, falling from a five-day high touched in the
previous session, but losses were checked amid rising hopes of a
trade deal between Washington and Beijing.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board of
Trade were down 0.1 percent at $9.16-3/4 a bushel by 0234
GMT. They had firmed 1.4 percent on Tuesday when prices hit
their highest since Feb. 7 at $9.19-3/4 a bushel.
    * The most active corn futures were down 0.2 percent
at $3.77-1/2 a bushel, after gaining 1.5 percent in the previous
session.
    * The most active wheat futures were down 0.1 percent
at $5.19-1/4 a bushel, having closed up 0.3 percent on Tuesday. 
    * Top U.S. officials arrived in Beijing on Tuesday ahead of
high-level trade talks as the world's two largest economies
attempt to hammer out a deal ahead of a March 1 deadline and
avoid another escalation of tariffs.
    * Brazil's agriculture statistics agency, Conab, lowered its
estimate of the country's soybean crop to 115.3 million tonnes,
from 118.8 million in January.
         
    MARKET NEWS  
    * The dollar edged lower against its peers on Wednesday.
  
    * Oil prices rose on Wednesday as producer club OPEC said it
had cut supply deeply in January and as U.S. sanctions hit
Venezuela's oil exports.  
    * Wall Street rallied on Tuesday as investors were heartened
by a tentative congressional spending deal to avoid another
partial federal government shutdown and by the optimism
surrounding U.S.-China trade negotiations.  
    
    DATA/EVENTS (GMT)
0930        Britain      CPI  YY                      Jan
1000        EU           Industrial Production MM YY  Dec 
1100        Brazil       Retail Sales YY              Dec
1330        US           CPI MM SA                    Jan
        
 Grains prices at  0234 GMT
 Contract       Last   Change   Pct chg  Two-day chg   MA 30  RSI
 CBOT wheat   519.25    -0.75    -0.14%       +0.19%  518.13   49
 CBOT corn    377.50    -0.75    -0.20%       +1.27%  378.33   49
 CBOT soy     916.75    -0.75    -0.08%       +1.30%  914.33   51
 CBOT rice     10.29    $0.04    +0.39%       +0.19%  $10.58   31
 WTI crude     53.58    $0.48    +0.90%       +2.23%  $52.15   57
 Currencies                                                      
 Euro/dlr     $1.134   $0.001    +0.10%       +0.53%             
 USD/AUD      0.7117    0.002    +0.34%       +0.82%             
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Joseph Radford)
  
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