August 2, 2019 / 1:12 AM / 2 months ago

GRAINS-Soybeans edge higher, but set for biggest weekly drop in 3 months

    SYDNEY, Aug 2 (Reuters) - U.S. soybean futures edged up on Friday, though the oilseed was
poised to record its biggest weekly loss in three months amid an escalation in a year-long trade
dispute between Washington and Beijing.
    * The most active soybean futures on the Chicago Board Of Trade dropped nearly 4% for
the week, set for their biggest weekly fall in three months.
    * The most active corn futures slipped nearly 5% for the week, slated for a third
consecutive weekly decline.
    * The most active wheat futures down 3.5% for the week, extending weekly losses into a
third consecutive week.
    * Soybeans tumble after U.S. President Donald Trump said he would impose an additional 10%
tariff on $300 billion worth of Chinese imports starting Sept. 1, citing insufficient progress in
trade talks between the world's two largest economies.    
    * U.S. Department of Agriculture's confirmation earlier that a private Chinese company bought
68,000 tonnes of soybeans in the week ended July 25, the first soybean purchase since Beijing
offered to exempt five crushers from import tariffs imposed more than a year ago as part of the
U.S.-China trade dispute. 
    * Forecasts for cooler weather eased concerns about the prospects for the coming corn crop.
Conditions for the U.S. Midwest predicted below-average temperatures for this time of year, with
rains hitting the Southern Plains.
    * The U.S. dollar fell against the Japanese yen on Thursday afternoon after President Donald
Trump said he would impose an additional 10% tariff on $300 billion worth of Chinese imports on
Sept. 1.  
    * Oil prices plummeted more than 7% on Thursday, with the U.S. benchmark posting its worst
day in more than four years, after President Donald Trump said he would impose additional tariffs
on Chinese imports starting Sept. 1.  
    * Wall Street dropped again on Thursday, abruptly reversing early gains after U.S. President
Donald Trump put concerns about the U.S.-China trade war back in the spotlight, tweeting that he
would impose an additional 10% tariff on $300 billion in Chinese imports      
 Grains prices at 0034 GMT
 Contract       Last   Change  Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat   478.75     3.00   +0.63%       -1.74%  508.92     32
 CBOT corn    404.75     2.25   +0.56%       -1.28%  434.81     23
 CBOT soy     866.25     1.00   +0.12%       -1.73%  906.21     23
 CBOT rice     11.94   -$0.02   -0.13%       -0.08%  $11.79     48
 WTI crude     54.52    $0.57   +1.06%       -6.93%  $57.50     37
 Euro/dlr     $1.109   $0.001   +0.08%       +0.16%               
 USD/AUD      0.6807    0.001   +0.12%       -0.54%               
 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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