November 8, 2018 / 3:08 AM / 7 months ago

GRAINS-Soybean prices edge down as market waits for U.S. govt forecasts

SYDNEY, Nov 8 (Reuters) - U.S. soybean futures edged down on Thursday to linger near a one-week low, with investor attention shifting to a U.S. Department of Agriculture report due later in the session.


* The most active soybean futures on the Chicago Board of Trade were down 0.2 percent at $8.77-3/4 a bushel by 0245 GMT. They closed down 0.5 percent on Wednesday, when prices hit their lowest since Nov. 1 at $8.76-3/4 a bushel.

* The most active corn futures were down 0.2 percent at $3.71-1/2 a bushel, having closed the last session down 0.3 percent.

* The most active wheat futures were down 0.5 percent at $5.07-3/4 a bushel, having closed down 0.3 percent on Wednesday.

* Analysts surveyed by Reuters on average expect the USDA on Thursday to trim its estimate of the U.S. soybean yield but raise its forecast of soy stocks left at the end of the 2018-19 marketing year.

* The United States and China will hold a top-level diplomatic and security dialogue that was supposed to be held in Beijing in October in Washington on Friday, amid moves to try to resolve a damaging trade war.


* The dollar traded in a narrow range versus major peers on Thursday as investors took in the U.S. midterm election results, and turned their focus to the Federal Reserve’s monetary tightening path.

* Oil prices were stable on Thursday, supported by rumblings from within OPEC that production curbs may become necessary again to prevent a return of global oversupply.

* Wall Street rose 2 percent on Wednesday, led by the technology and healthcare sectors as investors breathed a sigh of relief following the U.S. midterm elections and made bets that a divided Congress would be good news for equities.

DATA/EVENT AHEAD (GMT) * China Trade data Oct 0700 Germany Trade data Sep 0745 France Trade data Sep 1330 U.S. Weekly jobless claims 1900 U.S. Federal Reserve issues statement after two-day policy meeting

* No exact timing (Reporting by Colin Packham Editing by Joseph Radford)

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