April 5, 2018 / 1:10 AM / 20 days ago

GRAINS-Soybeans edge higher, Chinese tariffs cap gains

    SYDNEY, April 5 (Reuters) - U.S. soybeans edged higher on
Thursday, rebounding from a near two-month low touched in the
previous session, though China's decision to impose tough new
tariffs on U.S. agricultural products is keeping a lid on
prices.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of
Trade were up 0.3 percent to $10.18-1/4 a bushel by 0033
GMT, having closed down 2.2 percent on Wednesday when prices hit
a low of $9.83-1/2 a bushel - the lowest since Feb 9.
    * The most active corn futures were up 0.2 percent to
$3.81-3/4 a bushel, having slumped 1.9 percent in the previous
session when prices hit a low of $3.72 a bushel - the lowest
since March 23.
    * The most active wheat futures were up 0.9 percent to
$4.59-3/4 a bushel, having closed down 0.4 percent on Wednesday.
    * China announced it would impose tariffs on U.S.
agricultural products, planes and chemicals in response to
Washington's proposed duties on Chinese electronics and other
exports.
    * The U.S. Department of Agriculture on Wednesday said China
bought 129,000 tonnes of U.S. soybeans within the past 24 hours
and 325,000 tonnes were sold to unidentified destinations.

         
    MARKET NEWS  
    * The dollar recovered against the yen and Swiss franc on
Wednesday, bolstered by a rebound on Wall Street, as investors
turned less pessimistic about the impact of China's move to slap
tariffs on key U.S. imports in response to a similar measure
from the United States.  
    * Oil prices settled slightly lower on Wednesday, as a
surprise draw in U.S. crude stockpiles triggered a rebound from
session lows hit after China proposed a broad range of tariffs
on U.S. exports that fed fears of a trade war.  
    * Wall Street's three major indexes staged a comeback to
close around 1 percent higher on Wednesday as investors turned
their focus to earnings and away from a trade conflict between
the United States and China that wreaked havoc in earlier
trading.  
    
    DATA AHEAD (GMT)
0600  Germany            Industrial orders               Feb
0750  France             Markit services PMI             Mar
0800  Euro zone          Markit services PMI final       Mar
0855  Germany            Markit services PMI             Mar
0900  Euro zone          Producer prices                 Feb
0900  Euro zone          Retail sales                    Feb
1230  U.S.               Weekly jobless claims
1230  U.S.               International trade             Feb
    
 
 Grains prices at 0033 GMT
 Contract       Last  Change  Pct chg  Two-day chg    MA 30   RSI
 CBOT wheat   459.75    4.00   +0.88%       +0.49%   473.23    55
 CBOT corn    381.75    0.75   +0.20%       -1.74%   382.28    52
 CBOT soy    1018.25    3.00   +0.30%       -1.90%  1042.23    41
 CBOT rice     12.42   $0.00   +0.00%       +0.89%   $12.35    59
 WTI crude     63.56   $0.19   +0.30%       +0.08%   $62.88    48
 Currencies                                                      
 Euro/dlr     $1.229  $0.001   +0.07%       +0.13%               
 USD/AUD      0.7709  -0.001   -0.09%       +0.34%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
   
    

 (Reporting by Colin Packham
Editing by Aaron Sheldrick)
  
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