August 9, 2019 / 1:33 AM / 3 months ago

GRAINS-Corn, soybeans set for weekly gains ahead of USDA report

    SINGAPORE, Aug 9 (Reuters) - Chicago corn and soybean
futures were little changed on Friday as traders squared
positions ahead of a U.S. government report next week expected
to clarify how many acres have been planted,  but both markets
were poised for weekly gains. 
        
    FUNDAMENTALS
    * The most-active corn contract on the Chicago Board
of Trade is up 2% this week after falling for the last three
weeks, soybeans have gained 1.8% and wheat has risen
1.5%. 
    * The U.S. Department of Agriculture will issue monthly
supply and demand estimates next week that are likely to provide
a short-term focus amid widely differing market assessments of
this year's crop estimates.
    * Rains and flooding resulted in record planting delays in
April and May across the U.S. Midwest.
    * In the soybean market, the focus is on the intensifying
U.S.-China trade war.  
    * China bought small amounts of U.S. soybeans, wheat,
sorghum and pork last week ahead of the latest escalation of
trade tensions with Washington, according to U.S. government
data issued on Thursday, in what may be the last U.S. farm
commodity sales to China for the foreseeable future.
    * China's Ministry of Commerce said this week that purchases
of U.S. agricultural products by Chinese companies have been
"suspended".
    * A jump in prices for Brazilian soybeans is putting off
buyers in China, two traders said, even as the rise was driven
by expected demand from the world's No.2 economy as the trade
war with Washington intensifies.
    * Saudi Arabia will relax its bug-damage specifications for
wheat imports from its next tender onwards, it told Reuters on
Thursday, opening the door to Black Sea imports and
strengthening ties with Russia beyond energy cooperation.
    * Russia has long sought access to Saudi Arabia's wheat
market as Moscow tries to take further market share in Middle
Eastern and North African wheat markets from the European Union
and the United States.
    
    MARKET NEWS
    * Stronger-than-expected Chinese export data helped push
global stock markets higher on Thursday following a volatile
week that had investors scrambling for safety on fears of a
worldwide economic pullback.
    
    DATA/EVENTS AHEAD (GMT)
0130  China   PPI YY                        July
0130  China   CPI YY                        July
0200  China   Total Social Financing        July
0830  UK      GDP Estimate 3M/3M, MM, YY    June
0830  UK      Manufacturing Output MM       June
0830  UK      GDP Prelim QQ, YY             Q2
1200  India   Industrial Output YY          June
N/A   China   M2 Money Supply YY            July
N/A   China   New Yuan Loans                July

 Grains prices at  0109 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  497.75  -0.75   -0.15%   +1.95%       501.21  54
 CBOT corn   417.75  -0.50   -0.12%   +0.91%       428.88  50
 CBOT soy    883.50  0.50    +0.06%   +1.93%       898.13  50
 CBOT rice   11.36   $0.00   +0.00%   -0.13%       $11.77  29
 WTI crude   52.77   $0.23   +0.44%   +3.29%       $56.63  
 Currencies                                                
 Euro/dlr    $1.119  $0.001  +0.11%   -0.06%               
 USD/AUD     0.6813  0.001   +0.19%   +0.86%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
 
 (Reporting by Naveen Thukral; Editing by Joseph Radford)
  
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