May 6, 2019 / 1:12 AM / 2 months ago

GRAINS-Soybean prices sink to lowest in over 7 months

KUALA LUMPUR, May 6 (Reuters) - Chicago soybean futures on Monday dropped to their lowest level in over seven months, extending their decline into a seventh session.

That came as a lack of U.S. corn planting due to delays in rain could fuel a shift to more soybean acreage despite sluggish export demand from top importer China.

Focus was also on the intensifying trade dispute between Washington and Beijing, with U.S. President Donald Trump announcing on Sunday that he would hike U.S. tariffs on $200 billion worth of Chinese goods this week.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board of Trade were down 2.2 percent at $8.24-1/4 a bushel, their lowest since Sept. 19. and on track for a seventh straight session of losses.

* The most active corn futures declined 3.2 percent to an over one-week low of $3.59-1/4 a bushel.

* The most active wheat futures also fell 2.2 percent on Monday to a three-session low of $4.28-1/2 a bushel.

* More rain is expected around the U.S. Midwest this week, which is likely to keep many farmers sidelined instead of planting corn.

MARKET NEWS

* The safe-haven yen climbed and the yuan slid on Monday after Trump threatened to increase tariffs on China, sending riskier assets into a spin and slamming stock futures.

* Oil prices tumbled by more than 2 percent on Monday.

DATA/EVENTS (GMT)

0800 EU Markit Comp Final PMI April

Reporting by Emily Chow; Editing by Joseph Radford

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