December 27, 2018 / 2:09 AM / a month ago

GRAINS-Soybeans, corn near 1-month lows on demand concerns

    KUALA LUMPUR, Dec 27 (Reuters) - Chicago soybean and corn
futures edged up on Thursday amid a broad-based rally in
financial and commodity markets but were hovering near one-month
lows over worries of weak export demand for U.S. supplies.
    Wheat edged up slightly but was also trading at one-month
lows after Russia, the world's top wheat supplier, raised its
grain export forecast last week.
        
    FUNDAMENTALS
    * The most-active soybean contract on the Chicago Board Of
Trade gained 0.5 percent to $8.87-1/2 a bushel by 0155 GMT
after falling 1.6 percent in its previous trading session.
    * Corn was up 0.3 percent at $3.74-1/2 a bushel, after
losing 1.2 percent in the previous session. Wheat added
0.3 percent to $5.11-1/2 a bushel, having lost 1.3 percent on
Wednesday.
    * The market is disappointed that there were no signs of
fresh sales of U.S. soybeans to China, the world's top importer
of the oilseed.
    * China bought U.S. soybeans on Dec. 12 in the first big
deals in six months, after U.S. President Donald Trump and his
Chinese counterpart Xi Jinping met on Dec. 1 and set a 90-day
negotiating window to resolve their trade differences.
    * The U.S. Department of Agriculture is not publishing
details of daily export sales during the federal government's
partial shutdown.
    * New USDA data showed the United States inspected 651,181
tonnes of soybeans for export last week.
        
    MARKET NEWS
    * Stocks and oil prices rebounded on Wednesday as the Trump
administration attempted to shore up investor confidence and
markets welcomed a report on strong U.S. holiday spending.

    * The dollar held on to most of its overnight gains on
Thursday as investors cheered signs of easing U.S.-Sino trade
tensions and stronger-than-expected U.S. economic data, sending
Wall Street stocks surging and Treasury yields up.
    * U.S. oil prices on Thursday extended their sharp climb
from the session before amid rising stock markets, but worries
over a glut in crude supply and concerns over a faltering global
economy kept a lid on gains.
    * The Dow Jones Industrial Average surged more than 1,000
points for the first time on Wednesday, leading a broad Wall
Street rebound after a report that holiday sales were the
strongest in years helped mollify concerns about the health of
the economy.
 Grains prices at 0155 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  511.50  1.50    +0.29%   -0.97%       517.87  41
 CBOT corn   374.50  1.25    +0.33%   -0.86%       378.37  44
 CBOT soy    887.50  4.50    +0.51%   -1.06%       907.08  29
 CBOT rice   10.40   $0.04   +0.34%   -0.95%       $10.77  24
 WTI crude   45.72   -$0.50  -1.08%   +7.50%       $51.01  
 Currencies                                                
 Euro/dlr    $1.138  $0.002  +0.22%   +0.13%               
 USD/AUD     0.7060  0.000   -0.07%   +0.33%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
 
 (Reporting by Emily Chow; Editing by Sai Sachin Ravikumar)
  
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