December 19, 2018 / 1:53 AM / 6 months ago

GRAINS-Soybeans edge lower, Chinese purchases limit losses

    SYDNEY, Dec 19 (Reuters) - U.S. soybean futures fell for the
first time in three sessions on Wednesday, but Chinese purchases
of U.S. supplies capped losses amid easing trade tensions
between Washington and Beijing.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of
Trade were down 0.2 percent at $9.05-3/4 a bushel by 0131
GMT, after rising 0.3 percent on Tuesday.
    * The most active corn futures were down 0.2 percent
at $3.84-3/4 a bushel, after gaining 0.4 percent in the previous
session.
    * The most active wheat futures were down 0.6 percent
at $5.29-1/2 a bushel, after ending 0.5 percent lower on
Tuesday. 
    * Chinese importers bought an unknown quantity of U.S.
soybeans on Tuesday in the first major purchases since booking
more than 1.5 million tonnes of U.S. soy shipments last week,
three traders with knowledge of the deals said.
    * Heavy rains in parts of Argentina and southern Brazil and
dry conditions in central Brazil have stoked worries that crop
yields could be lower than initially expected.
    * U.S. wheat has been bolstered by improving export data as
well as signs that Russian wheat is becoming less competitive
overseas. 
             
    MARKET NEWS  
    * The dollar fell to a one-week low on Tuesday as investors
unwound long bets on the currency, anticipating that the Federal
Reserve could slow the pace of U.S. interest rate hikes after
this week's policy meeting.  
    * Oil prices tumbled more than 5 percent on Tuesday in heavy
trade due to fears of oversupply and deteriorating demand,
extending a selloff that has taken major crude benchmarks down
more than 30 percent from an October peak.  
    * The benchmark S&P 500 stock index ended little changed in
a choppy trading session on Tuesday as the possibility of a
partial U.S. government shutdown raised investor jitters ahead
of a highly anticipated meeting of the Federal Reserve.  
    
    DATA/EVENTS AHEAD (GMT)
0200 China    Chinese President Xi Jinping gives speech to mark
40th anniversary of China's reform and opening up
0900 Germany  Ifo Business Climate Index       Dec 
     U.S.     Federal Reserve's Federal Open Market Committee
starts its two-day meeting on interest rates 
        
 Grains prices at  0131 GMT
 Contract       Last    Change     Pct chg   Two-day chg    MA 30
 CBOT wheat   529.50     -3.25      -0.61%        -1.07%   518.46
 CBOT corn    384.75     -0.75      -0.19%        +0.20%   379.48
 CBOT soy     905.75     -2.00      -0.22%        +0.11%   894.27
 CBOT rice     10.67     $0.14      +1.28%        +1.04%   $10.74
 WTI crude     46.24     $0.00      +0.00%        -7.30%   $53.39
 Currencies                                                      
 Euro/dlr     $1.138    $0.002      +0.17%        +0.30%         
 USD/AUD      0.7195     0.002      +0.21%        +0.32%         
 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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