November 2, 2018 / 1:08 AM / in 15 days

GRAINS-Soybean prices edge down, set for biggest weekly gain in more than 5 mths

    SYDNEY, Nov 2 (Reuters) - U.S. soybean prices edged lower
for the first time in four sessions on Friday, though the
oilseed was on course to report its biggest weekly gain in more
than five months on hopes that the United States and China would
settle a trade war.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board of
Trade are up more than 4 percent for the week, the biggest
weekly gain since May 2018.
    * Soybeans were down 0.2 percent at $8.80-1/2 a bushel as of
0041 GMT after closing up 3.6 percent in the previous session,
when prices hit their highest since Oct. 17 at $8.88-1/2 a
bushel.
    * The most active corn futures are steady for the
week, having closed almost unchanged in the previous week.
    * The most active wheat futures are up 0.5 percent for
the week, after closing down 1.8 in the previous week.
    * Soybeans supported after U.S. President Donald Trump said
talks aimed at resolving a trade war were "moving along nicely".
    * Net corn export sales last week totalled less than 400,000
tonnes for the third straight week while net soybean sales
totalled just 455,807 tonnes, compared with nearly 2 million
tonnes in the same week last year, USDA data showed.
.
    * Net wheat export sales, however, topped trade expectations
at 582,545 tonnes, including 50,000 tonnes to Egypt.
         
    MARKET NEWS  
    * The euro got off to an unusually quiet start in Asia on
Monday, having posted its worst weekly performance in three
months, as investors await more developments and ratings
downgrades from Europe.  
    * Oil edged lower in volatile trading on Friday, posting a
second consecutive weekly loss as caution about Europe's debt
crisis and year-end positioning continued to spark selling into
rallies.  
    * A rally in U.S. stocks fizzled, leaving major indexes with
modest gains on Friday, as Wall Street was torn between hope
that U.S. economic data signals better times ahead and fear
Europe's debt crisis will engulf world economies.  
        
 Grains prices at  0041 GMT
 Contract         Last      Change   Pct chg  Two-day chg   MA 30
 CBOT wheat     507.75       -0.25    -0.05%       +1.45%  512.03
 CBOT corn      366.50       -0.25    -0.07%       +0.89%  366.97
 CBOT soy       880.50       -1.50    -0.17%       +3.35%  871.16
 CBOT rice       10.63      -$0.03    -0.28%       +0.71%  $10.74
 WTI crude       63.59      -$0.10    -0.16%       -2.63%  $70.53
 Currencies                                                      
 Euro/dlr       $1.140     -$0.001    -0.05%       +0.80%        
 USD/AUD        0.7207       0.000    +0.03%       +1.89%        
 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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