October 10, 2019 / 1:35 AM / 10 days ago

GRAINS-Soybeans ease from 3-month top, Chinese buying limits losses

    Oct 10 (Reuters) - Chicago soybean futures slid on Thursday
after climbing to their highest in almost three months although
expectations of Chinese buying of U.S. supplies provided a floor
under the market. 
    Wheat edged higher, while corn lost ground for a second
straight session in positioning ahead of a U.S. Department of
Agriculture (USDA) report on global supplies and demand later in
the day. 
    
    FUNDAMENTALS
    * The most-active soybean contract on the Chicago Board Of
Trade (CBOT) lost 0.2% at $9.21-1/2 a bushel by 0052 GMT,
having climbed to its highest since July 15 at 9.31-1/2 a bushel
on Wednesday. 
    * Wheat added 0.1% to $5.00-3/4 a bushel and corn
 gave up 0.3% to $3.93-1/4 a bushel.
    * The soybean market is finding support after the Financial
Times reported that the team of China's lead trade negotiator
had offered to boost annual purchases of soybeans to 30 million
tonnes compared with 20 million at present as the two countries
seek to resolve their trade dispute.
    * Vice Premier Liu He, China's top trade negotiator, is
scheduled to travel to Washington for their next round of trade
talks on Oct 10-11.
    * The market is monitoring a winter storm brewing in the
northern U.S. Plains and Rocky Mountains that is expected to
bring freezing temperatures late this week into the Dakotas,
Nebraska and portions of Minnesota and Iowa.
    * The storm could potentially damage corn and soybean crops.
    * Ahead of the USDA's monthly supply/demand reports,
analysts surveyed by Reuters on average expected the government
to lower its estimates of U.S. 2019/20 yield, production and
ending stocks for both corn and soybeans.
    * Commodity funds were net sellers of CBOT corn, soyoil and
wheat futures contracts on Wednesday and net buyers of soybeans
and soymeal, traders said.
    
    MARKET NEWS
    * U.S. stock futures tumbled and the safe haven yen and the
Swiss franc gained in early Asian trade on Thursday after a
media report that the United States and China had made no
progress in deputy-level trade talks earlier in the week.

    
    DATA/EVENTS AHEAD (GMT)
0830  UK      GDP Estimate 3M/3M        Aug
0830  UK      GDP Estimate MM, YY       Aug
0830  UK      Manufacturing Output MM   Aug
1200  Brazil  Retail Sales YY           Aug
1230  US      CPI MM, SA                Sept
1230  US      Initial Jobless Claims    Weekly
    
 Grains prices at 0052 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  500.75  0.50    +0.10%   +2.35%       481.92  70
 CBOT corn   393.25  -1.00   -0.25%   +1.61%       373.28  67
 CBOT soy    921.50  -2.25   -0.24%   +0.68%       889.58  69
 CBOT rice   12.00   -$0.01  -0.04%   +3.05%       $12.00  59
 WTI crude   52.24   -$0.35  -0.67%   -0.74%       $55.76  
 Currencies                                                
 Euro/dlr    $1.098  $0.003  +0.24%   +0.09%               
 USD/AUD     0.6717  -0.001  -0.16%   -0.21%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
 
 (Reporting by Naveen Thukral; editing by Uttaresh.V)
  
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