September 13, 2019 / 12:48 AM / a month ago

GRAINS-Soybeans dip, but set for biggest weekly gain in 3 months

    SYDNEY, Sept 13 (Reuters) - U.S. soybean futures edged lower on Friday,
retreating from a one-month high touched in the previous session, though the
oilseed was poised to record its biggest weekly gain since June amid hopes of a
breakthrough in the U.S.-China trade war.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of Trade up
more than 4% for the week, set for their biggest weekly rally since June 14.
    * Soybeans were down 0.1% at $8.94-1/4 a bushel, as of 0017 GMT. In the
previous session, soybean futures rallied more than 3%, hovering near the Aug.
13 high of $8.96 a bushel.
    * The most active corn futures up more than 3% for the week, poised
for the biggest weekly gain since July 12.
    * The most active wheat futures up more than 4% for the week, on track
for the biggest weekly rally since June.
    * Chinese importers bought at least 10 cargoes of U.S. soybeans on Thursday,
or about 600,000 tonnes, for shipment from Pacific Northwest export terminals,
two traders with direct knowledge of the deals said.
    * The deals, China's first U.S. soybean purchases in a month and the largest
since at least June, come ahead of U.S.-China trade talks set for early October
in Washington. Lower-level U.S. and Chinese officials are expected to meet
within days.
    * The USDA's monthly crop production report for September lowered its U.S.
2019/20 corn yield estimate to 168.2 bushels per acre (bpa), down from 169.5 in
August but above the average estimate in a Reuters analyst poll of 167.2 bpa.

    * The USDA trimmed its U.S. soybean yield estimate to 47.9 bpa, down from
48.5 in August, but above the average Reuters poll estimate of 47.2 bpa.
         
    MARKET NEWS  
    * The euro gained against the dollar on Thursday after the European Central
Bank launched new stimulus, but failed to live up to some dovish market
expectations.  
    * Oil prices fell about 1% on Thursday after a media report cast doubt on
the possibility of an interim U.S.-China trade deal and as a meeting of the
OPEC+ alliance yielded no decision on deepening crude supply cuts.  
    * Wall Street advanced on Thursday, and the S&P 500 ended the session within
striking distance of its all-time closing high, buoyed by positive developments
on the U.S.-China trade front and a promise of continued stimulus from the
European Central Bank.  
        
 Grains prices at 0017 GMT
 Contract       Last  Change  Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat   483.75    0.00   +0.00%       +1.31%   478.49    61
 CBOT corn    367.00   -0.25   -0.07%       +1.94%   377.35    49
 CBOT soy     894.25   -1.25   -0.14%       +3.20%   871.78    72
 CBOT rice     12.16  -$0.02   -0.21%       +0.50%   $11.74    82
 WTI crude     54.88  -$0.21   -0.38%       -1.56%   $55.22    43
 Currencies                                                      
 Euro/dlr     $1.106  $0.000   -0.03%       +0.45%               
 USD/AUD      0.6861   0.000   -0.07%       +0.00%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham, Editing by Sherry Jacob-Phillips)
  
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