September 3, 2019 / 1:22 AM / a month ago

GRAINS-Wheat hovers near 4-month low on global supply glut

    SYDNEY, Sept 3 (Reuters) - U.S. wheat futures edged lower on
Tuesday to linger near a near four-month low, as ample global
supplies weighed on prices.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of
Trade were down 0.1% at $4.62-3/4 a bushel by 0038 GMT,
having closed down 2.2% on Friday when prices hit a May 16 low
of $4.59 a bushel. 
    * Markets were closed on Monday for a U.S. public holiday.
    * The most active soybean futures were down 0.7% at
$8.63-1/4 a bushel, after closing little changed on Friday.
    * The most active corn futures were down 0.2% at $3.69
a bushel, having closed down 0.4% in the previous session.
    * Wheat remained under sustained pressure amid ample
supplies.
    * U.S-China trade war escalates, with latest round of
tariffs beginning that threatens to prolong the disruption of
global soybean trading.
             
    MARKET NEWS  
    * The euro plunged to a 16-month low on Monday as the impact
of Washington and Beijing's trade war on the European economy
dominated investor sentiment while the pound tanked on
speculation that Britain may be headed for a general election.
  
    * Oil prices weakened on Monday after new import tariffs
imposed by the United States and China came into force, raising
concerns about a further hit to global economic growth and
demand for crude.  
    
    DATA/EVENTS (GMT)
0130    Australia   Current Account Balance   Q2
0130    Australia   Net Exports Contribution  Q2
0130    Australia   Retail Sales  MM          July
0430    Australia   RBA Cash Rate             Sept
0830    UK          Markit/CIPS Cons PMI      Aug
0930    EU          Producer Prices MM, YY    July
1345    US          Markit Mfg PMI Final      Aug
1400    US          ISM Manufacturing PMI     Aug
    
 Grains prices at  0038 GMT
 Contract       Last   Change   Pct chg  Two-day chg   MA 30  RSI
 CBOT wheat   462.00    -0.50    -0.11%       -2.27%  485.70   26
 CBOT corn    369.00    -0.75    -0.20%       -0.61%  394.02   35
 CBOT soy     863.25    -5.75    -0.66%       -0.60%  877.59   43
 CBOT rice     11.92   -$0.04    -0.29%       +0.55%  $11.83   69
 WTI crude     54.79   -$0.31    -0.56%       -3.39%  $55.32   45
 Currencies                                                      
 Euro/dlr     $1.095  -$0.001    -0.12%       -0.33%             
 USD/AUD      0.6713    0.000    +0.00%       -0.34%             
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
    

 (Reporting by Colin Packham; Editing by Rashmi Aich)
  
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