March 27, 2018 / 2:05 AM / a month ago

GRAINS-Soybeans edge lower despite easing fears of possible trade war

    * Soybeans fall further from one-week high hit on Monday
    * Wheat falls, crop condition improves
    * Corn edges higher 

    By Colin Packham
    SYDNEY, March 27 (Reuters) - U.S. soybean futures edged
lower on Tuesday, retreating further from a one-week high
touched in the previous session, despite easing fears of a
potential trade war between the world's two largest economies.
    Wheat fell, lingering near more than a one-month low, while
corn edged higher.
    The most active soybean futures on the Chicago Board Of
Trade were down 0.1 percent at $10.24-1/2 a bushel, having
closed down 0.3 percent on Monday after prices had earlier hit a
high of $10.40-1/4 a bushel - the highest since March 19.
    Reports suggested that Chinese and U.S. officials were busy
negotiating to avert a trade war.
    While the market had been buoyed on Monday by China's
decision to so far not include soybeans for possible tariff
increases, analysts said uncertainty may also impact a widely
watched U.S. Department of Agriculture (USDA) report this week,
pressuring prices.
    "The market is also focussed on the USDA's Prospective
Plantings report. The report will have the first broad surveys
of U.S. farmer's planting intentions for summer crops in season
2018," said Tobin Gorey, director of agricultural strategy,
Commonwealth Bank of Australia.
    "Farmer's latent worries about what a trade war might do to
soybean prices may mean that price signal is not the only
consideration. The market is approaching this plantings report
with an unusual degree of uncertainty."
    The most active corn futures were up 0.2 percent to
$3.74-3/4 a bushel, having closed down 0.9 percent in the
previous session.
    Rains expected to relieve Argentina's drought-hit soy and
corn crops failed to materialize over the weekend, all but
ending hope that yields might recover from four months of
unrelenting sun with more heat and dryness expected over the
days ahead.
    The most active wheat futures were down 0.2 percent to
$4.52-3/4 a bushel , having closed down 1.3 percent on Monday
when prices hit a low of $4.46-1/2 a bushel - the lowest since
Feb. 22.
    The U.S. Department of Agriculture (USDA) late on Monday
rated 13 percent of top winter wheat producer Kansas in
good-to-excellent condition, up from 11 percent a week earlier.

            
 Grains prices at  0131 GMT
 Contract       Last  Change  Pct chg  Two-day chg    MA 30  RSI
 CBOT wheat   453.50   -0.75   -0.17%       -1.47%   476.59   35
 CBOT corn    374.75    0.75   +0.20%       -0.66%   380.50   38
 CBOT soy    1024.50   -1.00   -0.10%       -0.36%  1043.51   40
 CBOT rice     12.45  -$0.02   -0.12%       +0.69%   $12.34   62
 WTI crude     65.68   $0.13   +0.20%       -0.30%   $62.35   71
 Currencies                                                     
 Euro/dlr     $1.245  $0.000   +0.02%       +0.76%              
 USD/AUD      0.7744   0.000   -0.03%       +0.62%              
 Most active contracts
 Wheat, corn & soy US cents/bushel. Rice:USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Gopakumar Warrier)
  
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