November 12, 2019 / 2:22 AM / 4 months ago

GRAINS-Soybean futures rebound from one-month low

SYDNEY, Nov 12 (Reuters) - U.S. soybean futures edged higher on Tuesday, rebounding from a one-month low touched in the previous session, though gains were checked amid fears that an eagerly-awaited trade deal between Washington and Beijing will not materialise.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade were up 0.1% at $9.17-3/4 a bushel by 0148 GMT, having closed down 1.5% on Monday when prices hit a Oct. 8 low of $9.16 a bushel.

* The most active corn futures were up 0.1% at $3.73-3/4 a bushel, having closed down 1% in the previous session when prices hit a Sep 30 low of $3.72-1/2 a bushel.

* The most active wheat futures were little changed at $5.05-3/4 a bushel, having closed down 0.7% on Monday.

* U.S. President Donald Trump said on Saturday that trade talks with China were moving along “very nicely,” but the United States would only make a deal with Beijing if it was the right deal for America.

* Drier U.S. weather is expected to help farmers advance corn and soybean harvests that have been delayed by cold and wet conditions. More snow and rain fell in the Midwest on Monday.

MARKET NEWS

* Sterling held gains in early Asian trade on Tuesday, having hit a six-month high versus the euro and rising as much as 1% against the dollar overnight, as the prospect of a hung parliament in UK elections eased slightly.

* U.S. oil fell for a second day, amid little sign of progress on U.S.-China trade talks, while Saudi Arabian crude output rose, reinforcing concerns about a glut.

* The S&P 500 and Nasdaq stock indexes fell from record highs on Monday as uncertainty about progress in U.S.-China trade talks again rose to the fore following comments by President Donald Trump, while a jump in Boeing shares helped the Dow Jones Industrial Average eke out a slim gain.

Reporting by Colin Packham; editing by Uttaresh.V

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