September 27, 2019 / 1:24 AM / 2 months ago

GRAINS-Soybeans set to post weekly gain on renewed trade hopes

SYDNEY, Sept 27 (Reuters) - U.S. soybeans edged lower on Friday but were poised to close the week in positive territory on renewed optimism about a possible trade deal between the United States and China.


* The most active soybean futures on the Chicago Board Of Trade were up more than 0.5% for the week after closing 1.8% lower last week.

* Soybeans were down 0.1% at $8.87-1/2 a bushel as of 0105 GMT, having closed little changed on Thursday.

* The most active corn futures were little changed for the week, having gained 0.5% in the previous week.

* The most active wheat futures were little changed for the week, having ended nearly flat in the prior week.

* China, the world’s largest soybean importer, will buy about 6 million tonnes of soy from the United States before trade talks in early October, said a chief analyst at Shanghai JC Intelligence Co Ltd.

* Purchases of U.S. agricultural products like soybeans, the biggest U.S. farm export in terms of dollar value, are seen as part of efforts to improve relations during the trade war between the United States and China.

* The U.S. Department of Agriculture, through its daily reporting system, said private exporters sold 257,000 tonnes of U.S. soybeans to China for delivery in the 2019/20 marketing year that began on Sept. 1.


* The dollar rose to a three-week high against a basket of currencies on Thursday, helped by continued tightness in U.S. money markets, while heightened political tensions and a gloomy economic outlook weighed on the euro and sterling.

* Oil was largely flat on Thursday after a Pentagon statement intensified concerns of a Middle East conflict disrupting supply, supporting prices, while new details connected to the impeachment inquiry into U.S. President Donald Trump weakened demand sentiment.

* U.S. stocks slipped on Thursday as the release of a whistleblower report tied to the Democrats’ impeachment move against President Donald Trump kept uncertainty high, while trade comments from China’s top diplomat helped to limit losses. (Reporting by Colin Packham; Editing by Subhranshu Sahu)

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