November 29, 2018 / 4:02 AM / 4 months ago

GRAINS-Soybeans ease, market eyes G20 meeting; wheat firm

    * Soybeans dip after climbing 3.3 pct in last two sessions
    * U.S. wheat rises for 2nd session on hopes of higher demand

 (Adds details, quote)
    By Naveen Thukral
    SINGAPORE, Nov 29 (Reuters) - Chicago soybean futures were largely unchanged on Thursday, as
the market took a breather after strong gains in the last two sessions, ahead of trade talks
between Washington and Beijing at the G20 meeting this week.
    Wheat gained more ground on expectations of higher demand for U.S. supplies as the Black Sea
region runs of surpluses next year. 
    The most-active soybean contract on the Chicago Board Of Trade was down 0.1 percent at
$8.90 a bushel, as of 0340 GMT, having firmed 3.3 percent on Tuesday and Wednesday.
    Wheat gained 0.4 percent to $5.13-3/4 a bushel and corn was up 0.2 percent at
$3.61-1/4 a bushel.
    Participants in the soybean market are awaiting any sign of a thaw in U.S.-China trade
relations at the G20 meeting to be held on Friday and Saturday.
    "Most traders are hopeful that some sort of reconciliation may come from the meeting, although,
not many expect any real details of a deal," said Ole Houe, director of advisory services at
brokerage IKON Commodities in Sydney.
    "The market, however, does want to find a reason to rally as long as traders can find any kind
of confidence in the meeting, then we add 20 cents-30 cents more quickly."
    U.S. President Donald Trump is open to a trade deal with China but is prepared to hike tariffs
on Chinese imports if there is no breakthrough on longstanding trade irritants during a Saturday
night dinner with Chinese leader Xi Jinping, White House economic adviser Larry Kudlow said.
    China will widen market access for foreign investors and step up protection of intellectual
property rights, Xi said.
    The U.S. Department of Agriculture said private exporters in the last day sold 268,748 tonnes
of U.S. soybeans to unknown destinations.
    Commodity funds were net buyers of CBOT corn, soybean, soyoil, wheat and soymeal futures
contracts on Wednesday, traders said. Estimates of net fund buying in corn ranged from 12,000 to
25,000 contracts.

 Grains prices at 0340 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  513.75  2.25    +0.44%   -0.05%       513.39  45
 CBOT corn   361.25  0.75    +0.21%   +1.47%       366.64  44
 CBOT soy    890.00  -0.50   -0.06%   +3.22%       875.70  61
 CBOT rice   10.80   -$0.03  -0.23%   +0.42%       $10.82  50
 WTI crude   50.65   $0.36   +0.72%   -1.90%       $61.06  
 Euro/dlr    $1.138  $0.004  +0.33%   -0.26%               
 USD/AUD     0.7307  0.007   +1.01%   +0.73%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 RSI 14, exponential

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