July 23, 2020 / 1:56 AM / 23 days ago

GRAINS-Soybeans edge lower on U.S.-China tensions

SYDNEY, July 23 (Reuters) - U.S. soybean futures edged lower on Thursday as mounting tensions between Beijing and Washington stoked fears about Chinese demand for imports of the oilseed from the United States.

FUNDAMENTALS

* The most-active soybean futures on the Chicago Board Of Trade were down 0.1% at $8.95 a bushel by 0126 GMT, having firmed 0.3% on Wednesday.

* The most-active corn futures were down 0.3% at $3.33-3/4 a bushel, having closed down 1% in the previous session when prices hit a June 29 low $3.22-1/4 a bushel.

* The most-active wheat futures were down 0.1% at $5.33-3/4 a bushel, having closed up 1.3% on Wednesday.

* The United States ordered China to close a consulate in Houston, escalating diplomatic tensions and putting future purchases in doubt.

* Private exporters reported the sale of 453,000 tonnes of soybeans to China and 211,300 tonnes to unknown destinations, the U.S. Agriculture Department said.

* Additionally, there were export sales of 262,000 tonnes to China received in the reporting period, USDA said.

MARKET NEWS

* The dollar crept off milestone lows against other majors on Thursday, and held on to gains against the yuan, as heightened Sino-U.S. tension put a bit of caution into currency markets.

* Oil prices lost more ground on Thursday, with the market weighed down by a surprise increase in U.S. crude oil reserves as the coronavirus pandemic hits fuel consumption.

* Wall Street ended higher on Wednesday after a see-saw session as investors digested mixed quarterly results and contentious stimulus negotiations in Washington.

Reporting by Colin Packham; Editing by Krishna Chandra Eluri

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below