August 14, 2019 / 1:31 AM / a month ago

GRAINS-Soybean prices rise on U.S.-China trade hopes

    SINGAPORE, Aug 14 (Reuters) - Chicago soybean futures
climbed for a second session on Wednesday, supported by easing
U.S.-China trade tensions and concerns over dryness in parts of
the U.S. Midwest.
    Corn gained ground on bargain-buying after dropping almost
10% in the last two sessions, the biggest 2-day drop in six
years, while wheat was up 1%.
    * The Trump Administration will delay imposing a 10% tariff
on certain Chinese products, including laptops and cellphones,
that had been scheduled to start next month, the Office of the
U.S. Trade Representative said on Tuesday.
    * Chinese Vice Premier Liu He had a telephone conversation
with U.S. trade officials, China's Ministry of Commerce said in
a statement on Tuesday. Liu spoke with U.S. Trade Representative
Robert Lighthizer and U.S. Treasury Secretary Steven Mnuchin.
    * U.S. President Donald Trump on Tuesday cited China for not
following through with expected large purchases of U.S.
agricultural products but appeared hopeful that Beijing's stance
could change.
    * Corn prices have been weighed down by expectations of a
bigger U.S. crop. 
    * The USDA surprised grain markets on Monday by raising its
outlook for this year's U.S. corn production as it reduced its
estimate of rain-hit plantings by less than expected while
increasing its harvest yield projection.
    * For the 2019/20 crop year, the corn harvest will total
13.901 billion bushels, based on an average yield of 169.5
bushels per acre, the USDA predicted in its monthly supply and
demand report.
    * Ukrainian farmers have almost completed the 2019 wheat
harvest, threshing 27.9 million tonnes from 98% of the sown
area, the agriculture ministry said on Tuesday.
    * Commodity funds were net sellers of Chicago Board of Trade
corn and soyoil futures on Tuesday. They were net buyers of
soybeans and soymeal, and even in wheat, traders said.
    * Asian shares joined a global equities rally and safe-haven
government bonds pulled back on Wednesday.
0130   Australia   Wage Price Index QQ, YY       Q2
0200   China       Urban Investment y-to-d YY    July
0200   China       Industrial Output YY          July
0200   China       Retail Sales YY               July
0600   Germany     GDP Flash QQ SA, YY NSA       Q2
0630   India       WPI Inflation YY              July
0645   France      CPI (EU Norm) Final MM, YY    July
0830   UK          CPI YY                        July
0900   EU          GDP Flash Estimate QQ, YY     Q2

 Grains prices at 0108 GMT
 Contract    Last    Change   Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  477.25  5.25     +1.11%   -4.45%       498.27  40
 CBOT corn   379.25  2.75     +0.73%   -9.22%       426.34  22
 CBOT soy    889.50  0.50     +0.06%   -0.25%       896.33  56
 CBOT rice   11.64   $0.18    +1.57%   +18.12%      $10.31  41
 WTI crude   56.68   -$0.42   -0.74%   +4.00%       $56.49  
 Euro/dlr    $1.118  -$0.004  -0.32%   -0.20%               
 USD/AUD     0.6796  0.004    +0.65%   +0.13%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 RSI 14, exponential
 (Reporting by Naveen Thukral; Editing by Joseph Radford)
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