November 21, 2018 / 4:23 AM / 7 months ago

GRAINS-Soybeans ease amid U.S.-China trade tensions; corn firms

    * Chicago soybeans under pressure from U.S.-China trade war
    * Corn ticks higher on bargain-buying after 3 days of losses

 (Adds details, quote)
    By Naveen Thukral
    SINGAPORE, Nov 21 (Reuters) - Chicago soybean futures dipped on Wednesday with the market
struggling in the face of Washington-Beijing trade war, which curbed U.S. bean exports to top buyer
China.
    Corn edged higher on bargain-buying following three sessions of declines, while wheat firmed.
    The most-active soybean contract on the Chicago Board Of Trade was down 0.1 percent at
$8.80 a bushel, as of 0405 GMT, having firmed 0.8 percent on Tuesday. 
    Corn climbed 0.1 percent to $3.61-3/4 a bushel and wheat added 0.1 percent to
$5.08-3/4 a bushel.
    The soybean market is being pressured by fears of a prolonged U.S.-China trade war.
    "Soybeans are not very active today after yesterday's gains," said Phin Ziebell, agribusiness
economist, National Australia Bank. "It is hard for the market to move higher given the U.S.-China
trade war."
    The United States administration on Tuesday said China has failed to alter its "unfair"
practices, adding to tensions ahead of a high-stakes meeting later this month between U.S.
President Donald Trump and Chinese President Xi Jinping.
    U.S. Department of Agriculture's announcement that private exporters reported the sale of
123,567 tonnes of soybeans for delivery to unknown destinations during the 2018-19 marketing year.

    A stronger dollar continues to weigh on commodities.
    The dollar firmed against its major peers on Wednesday, extending overnight gains as investors
shunned riskier assets in favour of safe-haven currencies on heightened concerns about slowing
global growth and the U.S.-Sino trade war.
    The strength in dollar dampens enthusiasm for U.S. grains from investors looking for a hedge
against inflation. It also makes U.S. supplies relatively more expensive to buyers in the export
market.
    Commodity funds were net buyers of CBOT soybean, wheat and soymeal contracts on Tuesday,
traders said, but were net sellers of corn futures and soyoil.
    
 Grains prices at 0405 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  508.75  0.25    +0.05%   +0.49%       515.57  42
 CBOT corn   361.75  0.50    +0.14%   -0.14%       368.77  28
 CBOT soy    880.00  -1.00   -0.11%   +0.72%       877.11  54
 CBOT rice   10.75   $0.01   +0.09%   -0.23%       $10.84  50
 WTI crude   54.20   $0.77   +1.44%   -4.51%       $63.78  
 Currencies                                                
 Euro/dlr    $1.137  $0.000  +0.02%   -0.69%               
 USD/AUD     0.7232  0.002   +0.26%   -0.84%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
      

 (Reporting by Naveen Thukral, Editing by Sherry Jacob-Phillips)
  
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