November 7, 2019 / 3:22 AM / a month ago

GRAINS-Corn drops for 6th session on demand woes, soybeans near 1-week low

    * Corn down, soybeans face pressure on slowing demand 
    * Delay in signing of U.S.-China trade deal weighs on prices 

 (Adds details, quote)
    By Naveen Thukral
    SINGAPORE, Nov 7 (Reuters) - Chicago corn futures slid for a sixth consecutive session on
Thursday, while soybean traded near one-week low as concerns over slowing demand and a delay in
sealing a preliminary U.S.-China trade deal weighed on prices.
    Wheat was largely unchanged after gaining in the previous two sessions.
    The most-active corn contract on the Chicago Board Of Trade was down 0.2% at $3.78 a
bushel, as of 0253 GMT, having closed down 0.8% in the previous session when prices hit a Sept. 30
low of $3.77-1/2 a bushel.
    Soybeans were trading unchanged at $9.27-1/2 a bushel, having closed 0.7% weaker on
Wednesday when prices hit their lowest since Oct. 31. Wheat was down 0.1% at $5.16-1/2 a
bushel, having closed up 0.3% in the previous session.
    Market sentiment went sour after a senior official of the Trump administration told Reuters on
Wednesday that a meeting between U.S. President Donald Trump and Chinese President Xi Jinping to
sign a long-awaited interim trade deal could be delayed until December as discussions continue over
terms and venue.
    "We are in a waiting game ahead of the signing," said Phin Ziebell, agribusiness economist at
National Australia Bank.
    "But mind you, swine fever will have an impact on China's soybean demand even if relations are
normalised."
    China's pig herd in September was 41.1% smaller than it was a year earlier, the agriculture
ministry said last month, as a year-long African swine fever epidemic continued to slash the world's
largest herd.
    U.S. Department of Agriculture (USDA) will issue its monthly supply and demand report on Friday.
The market is looking for a fresh indication on the size of this year's rain-disrupted corn and
soybean crops.
    The wheat market has been supported by expectations of lower production in the Southern
Hemisphere.
    Commodity brokerage INTL FCStone said a poll of its clients estimated Australia's 2019/20 wheat
crop at 15.54 million tonnes, 19.1% lower than Australia's official estimate of 19.2 million tonnes.

    Commodity funds were net sellers of CBOT corn, soybean and soymeal futures contracts on
Wednesday, and net buyers of soyoil and wheat futures, traders said.
    
 Grains prices at 0253 GMT
 Contract    Last    Change   Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  516.50  -0.25    -0.05%   +1.32%       506.96  53
 CBOT corn   378.00  -0.75    -0.20%   -1.37%       387.63  29
 CBOT soy    927.50  0.00     +0.00%   -1.12%       936.38  37
 CBOT rice   11.98   -$0.03   -0.21%   +1.05%       $12.08  49
 WTI crude   56.35   $0.00    +0.00%   -1.54%       $54.49  
 Currencies                                                 
 Euro/dlr    $1.106  -$0.002  -0.14%   -0.61%               
 USD/AUD     0.6867  -0.003   -0.38%   -0.23%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
         

 (Reporting by Naveen Thukral, Editing by Sherry Jacob-Phillips)
  
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