December 27, 2018 / 4:09 AM / in 4 months

GRAINS-Soybean, corn prices edge up, but demand concerns drag

    * Broad-based market rally drives up soybeans, corn, wheat
    * But ample supplies, tepid demand for U.S. cargoes limit
gains

 (Updates prices)
    By Emily Chow
    KUALA LUMPUR, Dec 27 (Reuters) - Chicago soybean and corn
futures edged up on Thursday amid a broad-based rally in
financial and commodity markets, but remained near one-month
lows on concerns over tepid overseas demand for U.S. supplies.
    Wheat inched higher but was also trading close to one-month
lows after Russia, the world's top supplier of the commodity,
raised its grain export forecast last week.
    Asian shares on Thursday latched on to a dramatic surge on
Wall Street as markets, battered by recent deepening political
and economic gloom, cheered upbeat U.S. data and the Trump
administration's effort to shore up investor confidence.

    The most-active soybean contract on the Chicago Board of
Trade had gained 0.5 percent to $8.87-1/2 a bushel by 0338
GMT, after falling 1.6 percent in the last session.
    Corn was up 0.5 percent at $3.75 a bushel, after
losing 1.2 percent the day before. Wheat added 0.5 percent
to $5.12-1/2 a bushel, having lost 1.3 percent on Wednesday.
    The market was disappointed that there were no signs of
fresh sales of U.S. soybeans to China, the world's top importer
of the oilseed.
    China bought U.S. soybeans on Dec. 12 in the first big deals
in six months, after U.S. President Donald Trump and his Chinese
counterpart Xi Jinping met on Dec. 1 and set a 90-day
negotiating window to resolve their trade differences.
    The U.S. Department of Agriculture is not publishing details
of daily export sales during the federal government's partial
shutdown.
    USDA data showed the United States inspected 651,181 tonnes
of soybeans for export last week.
    
 Grains prices at 0338 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  512.50  2.50    +0.49%   -0.77%       517.90  43
 CBOT corn   375.00  1.75    +0.47%   -0.73%       378.38  46
 CBOT soy    887.50  4.50    +0.51%   -1.06%       907.08  29
 CBOT rice   10.40   $0.04   +0.34%   -0.95%       $10.77  24
 WTI crude   46.06   -$0.16  -0.35%   +8.30%       $51.02  
 Currencies                                                
 Euro/dlr    $1.138  $0.003  +0.25%   +0.16%               
 USD/AUD     0.7060  0.000   -0.07%   +0.33%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
 
 (Reporting by Emily Chow; Editing by Sai Sachin Ravikumar and
Joseph Radford)
  
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