August 8, 2019 / 2:01 AM / in 3 months

GRAINS-Soybean prices edge down as U.S.-China trade war overshadows market

    SYDNEY, Aug 8 (Reuters) - U.S. soybean futures inched down
on Thursday as traders remained anxious about a protracted trade
war between Washington and Beijing that is threatening oilseed
trading.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board of
Trade were down 0.1% at $8.65-1/2 a bushel by 0047 GMT,
having firmed 0.1% on Wednesday.
    * The most active corn futures were little changed at
$4.14-1/4 a bushel, after gaining 0.4% in the previous session.
    * The most active wheat futures were down 0.1% at
$4.87-3/4 a bushel, having closed up 0.9% on Wednesday. 
    * China has halted U.S. agricultural purchases in a
deepening trade war with Washington, while overall Chinese
demand for soybeans is set to be cut by a swine disease that has
decimated the world's biggest pig herd.
    * The U.S. Department of Agriculture will on Monday update
its planting estimates for various crops, amid widely differing
market assessments of this year's acreage.
         
    MARKET NEWS  
    * The Japanese yen rose to an eight-month high against the
dollar on Wednesday and the Swiss franc gained as worries over
flagging international growth sent investors to safe-haven
currencies.  
    * Oil prices tumbled nearly 5% on Wednesday after an
unexpected build in U.S. crude stockpiles and on fears of
slowing demand, but halved their losses in post-settlement trade
on talk that Saudi Arabia was mulling options to halt crude's
descent, alongside other producers.  
    * The S&P 500 recovered from steep early losses to end
slightly higher on Wednesday as investors snapped up oversold
shares and bond yields rebounded from significant lows that
raised fears about a recession.  
        
     DATA/EVENTS AHEAD (GMT)
    1200   Brazil   IPCA Inflation Index MM    July
    1230   US       Initial Jobless Claims     weekly
    N/A    China    Exports YY                 July
    N/A    China    Imports YY                 July
    N/A    China    Trade Balance USD          July
    
 Grains prices at  0047 GMT
 Contract       Last  Change  Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat   487.75   -0.50   -0.10%       +0.77%  502.48     44
 CBOT corn    414.25    0.25   +0.06%       +0.42%  429.76     44
 CBOT soy     865.50   -1.25   -0.14%       -0.03%  898.46     25
 CBOT rice     11.40   $0.02   +0.22%       +0.49%  $11.77     27
 WTI crude     52.50   $1.41   +2.76%       -2.11%  $56.85     37
 Currencies                                                      
 Euro/dlr     $1.121  $0.001   +0.11%       +0.10%               
 USD/AUD      0.6758   0.000   +0.04%       -0.03%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Joseph Radford)
  
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