August 21, 2018 / 2:10 AM / in 3 months

GRAINS-Soybean prices fall on U.S.-China trade war worries

    SYDNEY, Aug 21 (Reuters) - U.S. soybean futures fell more
than 0.5 percent on Tuesday as hopes that the Sino-U.S. trade
war could start to be resolved at an upcoming meeting between
the two nations were dented by U.S. President Donald Trump.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board of
Trade were down 0.6 percent at $8.88-1/4 a bushel by 0139
GMT, having closed little changed on Monday.
    * The most active corn futures were down 0.1 percent
at $3.76-1/4 a bushel, after ending the previous session down
0.6 percent.
    * The most active wheat futures were down 0.5 percent
at $5.59-1/2 a bushel, having closed down 2.6 percent on Monday.
    * Soybean prices were under pressure as Trump told Reuters
on Monday that he did not expect much progress from trade talks
with China this week in Washington.
    * The U.S. Department of Agriculture lowered its condition
ratings for corn and soy. The USDA rated 68 percent of the corn
crop as good-to-excellent, down from 70 percent a week earlier,
and slightly behind market forecasts.
    * The USDA said 65 percent of soybeans were in
good-to-excellent condition, down from 66 percent previously and
a touch ahead of forecasts.
    * Wheat slipped on expectations that Russian exporters may
step up grain shipments in the next few months in anticipation
that the government could put curbs on exports sometime after
December, traders said.
    * Participants in the annual Pro Farmer Midwest Crop Tour
began scouting fields on Monday in South Dakota and Ohio.
 
         
    MARKET NEWS  
    * The dollar slipped against the yen and a basket of major
peers on Tuesday after Trump said he was "not thrilled" with
Federal Reserve Chairman Jerome Powell for raising interest
rates  
    * Oil prices edged up on Tuesday, supported by expectations
of supply cuts once U.S. sanctions against Iran bite in
November.  
    * Wall Street's major indexes rose on Monday.  
        
 Grains prices at  0139 GMT
 Contract      Last  Change  Pct chg   Two-day chg   MA 30   RSI 
 CBOT wheat  559.50   -3.00   -0.53%        -3.49%  552.40     46
 CBOT corn   376.25   -0.25   -0.07%        -0.66%  373.20     47
 CBOT soy    888.25   -5.00   -0.56%        -0.50%  878.85     53
 CBOT rice    10.27   $0.00   +0.00%        -1.86%  $11.41     25
 WTI crude    66.63   $0.20   +0.30%        +1.09%  $68.26     46
 Currencies                                                      
 Euro/dlr    $1.152  $0.004   +0.31%        +0.68%               
 USD/AUD     0.7346   0.001   +0.10%        +0.49%               
 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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