September 25, 2019 / 12:44 AM / 2 months ago

GRAINS-Soybeans extend gains, U.S.-China trade dispute caps upside

    SYDNEY, Sept 25 (Reuters) - U.S. soybean futures edged higher on Wednesday, extending a rally into a third consecutive session,
though fears of a prolonged trade war between Washington and Beijing provided a ceiling to further gains.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of Trade were up 0.2% at $8.95-3/4 a bushel, as of 0022 GMT, having
closed 0.2% higher in the previous session.
    * The most active corn futures were up 0.3% at $3.75-3/4 a bushel, having gained 0.4% on Tuesday.
    * The most active wheat futures were down 0.2% at$4.80-3/4 a bushel, having closed down 0.3% on Tuesday. 
    * U.S. President Donald Trump sharply criticized China's trade practices on Tuesday in an address at the U.N. General Assembly.
Trump also held out hope that the two economic superpowers could reach a deal to end their trade dispute. 
    * China has given new waivers to several importers to buy U.S. soybeans exempt from retaliatory tariffs, in a goodwill gesture
ahead of high-level trade talks next month, two sources familiar with the matter said.
    * The waivers, offered in two batches, totalled around 5 million to 6 million tonnes, according to one of the sources.
    * The U.S. Agriculture Department said on Monday afternoon that 22% of U.S. winter wheat had been planted, up sharply from 8% last
week. Some 87% of U.S. spring wheat was harvested, topping market expectations.
         
    MARKET NEWS  
    * The dollar fell across the board on Tuesday as a growing number of Democratic lawmakers called for an impeachment inquiry against
Trump, even as weak consumer confidence data added to worries over the prolonged China-U.S. trade war.  
    * Oil prices plunged more than 2% on Tuesday to their lowest since the Sept. 14 attacks on Saudi Arabia's key oil facilities, after
U.S. President Donald Trump rekindled fears the U.S.-China trade conflict that has crimped energy demand is far from over.  
    * U.S. stocks fell in volatile trade on Tuesday, giving the S&P 500 its biggest daily drop in a month as a push for the impeachment
of U.S. President Donald Trump gained momentum among Democrats in the U.S. Congress.  
        
 Grains prices at 0022 GMT
 Contract      Last   Change  Pct chg  Two-day chg    MA 30   RSI 
 CBOT wheat  480.75    -1.00   -0.21%       -0.47%   475.98     48
 CBOT corn   375.75     1.00   +0.27%       +0.67%   368.23     71
 CBOT soy    895.75     1.50   +0.17%       +0.36%   876.19     65
 CBOT rice    11.96   -$0.04   -0.37%       -0.87%   $11.85     45
 WTI crude    56.87   -$0.42   -0.73%       -3.02%   $56.39     46
 Currencies                                                       
 Euro/dlr    $1.101  -$0.001   -0.05%       +0.19%                
 USD/AUD     0.6793   -0.001   -0.09%       +0.30%                
 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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