January 11, 2019 / 2:30 AM / 4 months ago

GRAINS-Soybeans edge higher, set for first weekly fall in three

    SYDNEY, Jan 11 (Reuters) - U.S. soybeans edged higher on
Friday, rebounding from an eight-day low touched in the previous
session. However, the oilseed was poised to record its first
weekly loss in three as optimism that Beijing and Washington can
reach a trade deal began to fade.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of
Trade down more than 1 percent for the week, the first
weekly fall in three weeks.
    * Soybeans hit a low of $9.06 a bushel on Thursday, the
lowest since Jan. 3.
    * The most active corn futures down nearly 1.5 percent
for the week after closing up 2 percent last week.
    * The most active wheat futures down more than 0.5
percent for the week after closing up 1 percent in the previous
week.
    * China's commerce ministry said on Thursday this week's
trade talks were extensive and detailed, while the U.S. Trade
Representative's office said that China had pledged to purchase
"a substantial amount" of U.S. agricultural, energy and
manufactured goods and services.
    * In Brazil, statistics agency Conab cut its estimate of the
2018-19 soybean harvest that is underway to 118.8 million tonnes
from 120.1 million in December, near the high end of trade
expectations.
    * U.S. wheat export sentiment has cooled following a clean
sweep for Russian wheat in an import tender held by Egypt on
Wednesday. The 415,000-tonne deal countered recent expectations
that Russian wheat was becoming uncompetitive overseas after a
brisk first half of its export season.
         
    MARKET NEWS  
    * The dollar held a soft tone versus its peers on Friday on
rising expectations the U.S. Federal Reserve may hit the pause
button on monetary tightening if the economy slows this year.
  
    * U.S. oil prices edged down on Friday as concerns over
economic growth were rekindled after talks fell short of
offering concrete steps to end the Sino-U.S. trade conflict,
although OPEC-led production cuts bolstered sentiment in crude
markets.  
    * Wall Street extended its rally into a fifth straight day
on Thursday in a session of whipsaw trading as investors
responded to mixed comments by Federal Reserve Chairman Jerome
Powell, while a warning from Macy's pummelled retail stocks.
  
        
    DATA/EVENTS (GMT)
0930  Britain     GDP                  Nov
0930  Britain     Industrial Output    Nov
0930  Britain     Manufacturing Output Nov
0930  Britain     Goods Trade Balance  Nov
1100  Brazil      IPCA Inflation Index Dec
1200  India       Industrial Output    Nov
1330  U.S.        CPI                  Dec

 Grains prices at  0202 GMT
 Contract      Last   Change  Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat  514.00     0.25   +0.05%       -1.15%  519.01     48
 CBOT corn   377.25     1.00   +0.27%       -1.24%  380.29     48
 CBOT soy    909.25     2.50   +0.28%       -1.60%  912.68     50
 CBOT rice    10.85    $0.00   +0.00%       +0.42%  $10.66     68
 WTI crude    52.34   -$0.25   -0.48%       -0.04%  $49.31     74
 Currencies                                                      
 Euro/dlr    $1.152   $0.002   +0.16%       -0.22%               
 USD/AUD     0.7191    0.001   +0.08%       +0.29%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Shreejay Sinha)
  
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