October 29, 2019 / 1:20 AM / 20 days ago

GRAINS-Corn drops for 2nd session, soybeans ease on U.S. harvest progress

    SINGAPORE, Oct 29 (Reuters) - Chicago corn futures slid for a second session on Tuesday, while
soybeans lost ground, as progress in the harvest of both crops in the United States weighed on
prices.
    Wheat edged higher after dropping to its lowest in almost two weeks on Monday.
    
    FUNDAMENTALS
    * U.S. farmers have harvested 62% of their soybean crop, up from 46% a week ago although below
the average pace of 78% at this time of the year, the U.S. Department of Agriculture said after the
market closed on Monday.
    * U.S. corn harvest stood at 41%, up from 30% a week ago and lower than the average pace of
61%, the agency said.
    * The U.S. Crop Watch growers report decent progression of the corn and soybean harvests last
week, and the overall sentiment toward the crop is unchanged on the week, Karen Braun, a market
analyst for Reuters, wrote in a column.
    * "However, parts of North Dakota continue to struggle in the wet conditions, which are
preventing harvest equipment from entering the fields."
    * There are expectations of rapid progress in harvest of both crops in the days ahead with
forecasts of generally dry weather across parts of the U.S. grain belt.
    * The market is watching progress in U.S.-China trade talks.  
    * U.S. and Chinese officials are "close to finalising" some parts of a trade agreement after
high-level telephone discussions on Friday, the U.S. Trade Representative's office and China's
Commerce Ministry said, with talks to continue.
    * The U.S. Trade Representative is studying whether to extend tariff suspensions on $34 billion
of Chinese goods set to expire on Dec. 28 this year, the agency said on Monday.
    * Analysts also noted uncertainty surrounding any potential change to Argentina's grain and
soybean export tax policy after the election of Alberto Fernandez as the country's next president.

    
    MARKET NEWS
    * Asian shares scaled a three-month high on Tuesday after Wall Street hit all-time peaks amid
hopes of progress in Sino-U.S. trade talks and for another dose of policy stimulus from the Federal
Reserve this week.
    
    DATA AHEAD (GMT)
0700 UK Nationwide house prices Oct
0745 France Consumer Confidence Oct
0900* Italy Producer Prices YY Sept
0930 UK BOE Consumer Credit Sept
0930 UK Mortgage Lending Sept
0930 UK Mortgage Approvals Sept
1300 US CaseShiller 20 MM SA Aug
1400 US Consumer Confidence Oct
1400 US  Pending Home Sales Change MM Sept
U.S. Federal Reserve's Federal Open Market Committee starts its two-day meeting on interest rates

 Grains prices at 0051 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  512.00  0.25    +0.05%   -1.11%       501.25  48
 CBOT corn   383.00  -1.00   -0.26%   -0.97%       384.99  37
 CBOT soy    919.00  -1.75   -0.19%   -0.14%       915.35  37
 CBOT rice   11.78   -$0.06  -0.46%   -2.24%       $12.16  28
 WTI crude   55.78   -$0.03  -0.05%   -1.55%       $54.88  
 Currencies                                                
 Euro/dlr    $1.110  $0.000  -0.01%   +0.17%               
 USD/AUD     0.6841  0.000   +0.04%   +0.28%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
 
 (Reporting by Naveen Thukral; editing by Uttaresh.V)
  
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