November 20, 2018 / 5:01 AM / 3 months ago

GRAINS-Soybeans edge higher; prolonged U.S.-China trade war woes cap gains

    * Soybeans hit near two-week low on Monday
    * Corn firms, wheat falls 

    By Colin Packham
    SYDNEY, Nov 20 (Reuters) - U.S. soybean futures edged higher
on Tuesday, rebounding from a near two-week low touched in the
previous session, though gains were checked amid fears of a
prolonged U.S.-China trade war.
    Corn edged higher, rebounding from a near one-month low,
while wheat fell.
    The most active soybean futures on the Chicago Board Of
Trade were up 0.1 percent to $8.74-1/2 a bushel, as of
0438 GMT, after closing down 2.1 percent on Monday when prices
fell to $8.71-1/4 a bushel - their lowest since Nov. 8.
    Despite edging higher, traders and analysts said gains were
capped amid a growing divide between the United States and China
demonstrated at a regional summit in Papua New Guinea over the
weekend.
    "Snipes, snubs and snares between the two nations at the
APEC summit means the mood is a little sour," said Tobin Gorey,
director of agricultural strategy, Commonwealth Bank of
Australia.
    "U.S. soybeans are hurt by this, but Brazil soybeans gain."
    The most active corn futures climbed 0.3 percent to
$3.63-1/4 a bushel, after closing down 0.7 percent in the
previous session at $3.61-1/4 a bushel - their lowest since Oct.
25.
    The most active wheat futures slipped 0.2 percent to
$4.97-1/2 a bushel, having closed down 1.6 percent on Monday.
    Analysts said wheat continues to remain under pressure amid
weak demand for U.S. supplies.
    U.S. export prospects have been dented amid ample production
in Russia.
            
 Grains prices at  0438 GMT
 Contract       Last    Change   Pct chg    Two-day chg     MA 30
 CBOT wheat   497.50     -1.00    -0.20%         -1.83%    508.03
 CBOT corn    363.25      1.00    +0.28%         -0.41%    368.87
 CBOT soy     874.50      0.75    +0.09%         -1.99%    876.40
 CBOT rice     10.77     $0.00    +0.00%         -1.10%    $10.85
 WTI crude     57.09    -$0.11    -0.19%         +1.12%    $64.53
 Currencies                                                      
 Euro/dlr     $1.144   -$0.001    -0.06%         +0.23%          
 USD/AUD      0.7268    -0.002    -0.34%         -0.90%          
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Rashmi Aich)
  
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