July 19, 2018 / 1:27 AM / in 3 months

GRAINS-Soybeans edge higher; wheat pauses after recent gains

    SYDNEY, July 19 (Reuters) - U.S. soybean futures edged up on
Thursday, moving further away from last week's near 10-year low,
while wheat prices took a breather after recent gains on signs
of tighter supplies.
             
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of
Trade were up 0.2 percent to $8.59 a bushel by 0101 GMT,
having firmed 0.3 percent on Wednesday when prices hit a high of
$8.63-1/2 a bushel - the highest since July 11.
    * The most active corn futures were up 0.1 percent to
$3.61-1/4 a bushel, having gained 0.3 percent in the previous
session.
    * The most active wheat futures were unchanged at
$4.94-1/2 a bushel, having closed down 0.7 percent on Wednesday.
Wheat is up nearly 5 percent over the past six sessions.
    * China's buyers have loaded up on soybeans from Brazil,
instead of the United States, because of a 25 percent tariff on
imports of U.S. soy that Beijing enacted on July 6 after weeks
of threats.
    * China's retaliatory tariffs on U.S. soybeans have
triggered bargain shopping by importers in other countries
stocking up on cheap U.S. supplies.
    * More buying emerged on Thursday as the U.S. Department of
Agriculture said exporters struck deals to sell 199,500 metric
tons of U.S. soybeans to Pakistan for delivery in the 2018-19
marketing year.
    * For wheat, dryness in European Union countries has
coincided with declining harvest prospects in Russia, the
world's largest exporter of the grain.
    * Underscoring the impact of parched conditions in northern
Europe, Germany's farming association DBV said it was unable to
estimate the size of the wheat crop. 
         
    MARKET NEWS  
    * The dollar retreated from a three-week high on Wednesday
as investors cashed in on gains the currency made after two days
of testimony by U.S. Federal Reserve Chairman Jerome Powell
reinforced a strong economic outlook.  
    * Oil prices rose on Wednesday after U.S. government data
indicated bullish demand for gasoline and distillates, which
overshadowed a surprise build in U.S. crude inventories and U.S.
crude oil production hitting 11 million bpd for the first time.
  
    * The S&P 500 rose to its highest in more than five months
and the Dow climbed for a fifth session on Wednesday as solid
earnings boosted financial and industrial stocks and reinforced
expectations for a strong second-quarter reporting season. 
        
 Grains prices at  0101 GMT
 Contract       Last   Change  Pct chg   Two-day chg   MA 30  RSI
 CBOT wheat   494.50     0.00   +0.00%        -0.65%  502.93   51
 CBOT corn    361.25     0.25   +0.07%        +0.42%  373.03   53
 CBOT soy     859.00     1.25   +0.15%        +0.44%  898.85   45
 CBOT rice     11.91    $0.08   +0.72%        -0.83%  $11.87   54
 WTI crude     68.89    $0.13   +0.19%        +1.19%  $69.38   37
 Currencies                                                      
 Euro/dlr     $1.165   $0.002   +0.14%        -0.04%             
 USD/AUD      0.7404    0.001   +0.09%        +0.24%             
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; editing by Richard Pullin)
  
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