March 29, 2019 / 1:38 AM / in 23 days

GRAINS-Soybeans edge higher, set to post biggest monthly fall in 7 months

    * Soybeans down 2 percent in March so far
    * Corn retreats, wheat edges lower 

    By Colin Packham
    SYDNEY, March 29 (Reuters) - U.S. soybean futures edged
higher on Friday but the oilseed was poised to record its
biggest monthly fall in seven months, as fears of a prolonged
trade war between Washington and Beijing pressured prices.
    Corn edged lower, while wheat also fell.
    The most active soybean futures on the Chicago Board Of
Trade rose 0.1 percent to $8.90-1/2 a bushel by 0121 GMT,
after closing up 0.2 percent on Thursday.
    Soybeans are down more than 2 percent this month so far,
heading for their biggest monthly fall in seven months.
    Analysts said the U.S. Department of Agriculture acreage
report on Friday will determine market sentiment for the rest of
the day.
    "The market is expecting a hefty fall from last year because
the crop has been affected by the U.S.-China trade dispute. The
outcome though is unusually uncertain," said Tobin Gorey,
director of agricultural strategy, Commonwealth Bank of
Australia.
    Soybeans drew support from another large purchase by China
on Thursday as the latest round of trade talks kicked off in
Beijing. Traders said state-owned firms booked about 1.5 million
tonnes of U.S. soybeans for shipment this summer.
    However, China's U.S. soy purchases remain well below the
normal pace as steep tariffs imposed by Beijing remain in place.
    USDA data also showed soybean export sales last week were
less than 200,000 tonnes, far below analysts' expectations for
500,000 to 1 million tonnes. EXP/SOY,
    The most active corn futures fell 0.1 percent to
$3.73-1/2 a bushel after closing little changed on Thursday.
    Corn is up more than 0.5 percent this month after shedding
1.5 percent last month.
    The most active wheat futures were down over 0.1
percent at $4.63-3/4 a bushel after closing down 1 percent on
Thursday.
    Wheat is up 1 percent this month, rallying slightly after
posting losses of 11 percent last month.
        
 Grains prices at  0121 GMT
 Contract      Last  Change   Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat  463.75   -0.75    -0.16%       -1.22%   464.48    51
 CBOT corn   373.50   -0.50    -0.13%       -0.07%   373.92    54
 CBOT soy    890.50    1.00    +0.11%       +0.34%   906.98    40
 CBOT rice    10.91   $0.00    +0.00%       -2.15%   $10.72    53
 WTI crude    59.49   $0.19    +0.32%       +0.13%   $57.63    60
 Currencies                                                      
 Euro/dlr    $1.123  $0.001    +0.09%       -0.15%               
 USD/AUD     0.7082   0.001    +0.10%       -0.03%               
 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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