November 27, 2018 / 1:49 AM / 3 months ago

GRAINS-Soybeans extend falls on concerns over U.S. exports

    SINGAPORE, Nov 27 (Reuters) - Chicago soybean futures lost more ground on Tuesday, with the
market extending declines into a third consecutive session, on pressure from concerns over lack of
demand for U.S. supplies amid Washington-Beijing trade tensions.
    
    FUNDAMENTALS
    * Soybeans are being weighed down by fears of a prolonged trade war between the United States
and China, by far the world's largest soybean importer. 
    * China has been buying Brazilian soybeans during the conflict and may be able to continue
avoiding U.S. soy, given expectations of an early harvest in South America. 
    * U.S. President Donald Trump and Chinese President Xi Jinping are expected to meet on the
sidelines of a G20 summit in Argentina this week, and Washington is set to raise tariffs on $200
billion worth of Chinese imports to 25 percent from 10 percent in January if there is no agreement.
    * China's soybean imports from Brazil nearly doubled in October from a year earlier, customs
data showed on Monday, as buyers scooped up shipments on worries over shortages amid trade tensions.

    * The wheat market is being underpinned by the sale of U.S. cargoes to Egypt. 
    * Egypt's state grain buyer last week said it bought 240,000 tonnes of wheat in a tender on
Thursday, with half coming from the United States. 
    * In addition, the U.S. Department of Agriculture (USDA) on Monday confirmed a private sale of
120,000 tonnes of U.S. soft red winter wheat to Egypt.
    * Dry weather in early autumn hampered the sowing and development of grains in central Europe,
but crops in most parts of the European Union have started the season well, EU crop monitor MARS
said on Monday.
    
    MARKET NEWS
    * Asian shares battled to extend a global rebound on Tuesday after U.S. President Donald Trump
seemed to quash hopes of a trade truce with China, dampening risk appetite across the region.

    
    DATA AHEAD (GMT)
0745  France            Consumer confidence              Nov
0900  Italy             Consumer confidence              Nov
1400  U.S.              Monthly home price index         Sept
1400  U.S.              S&P/Case-Shiller housing index   Sept
1500  U.S.              Consumer confidence              Nov
    
 Grains prices at 0128 GMT
 Contract    Last    Change   Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  513.75  -0.25    -0.05%   +1.38%       514.84  52
 CBOT corn   356.25  0.25     +0.07%   -1.52%       367.84  19
 CBOT soy    860.00  -2.25    -0.26%   -2.60%       876.85  35
 CBOT rice   10.75   $0.00    +0.00%   -0.32%       $10.83  48
 WTI crude   51.29   -$0.34   -0.66%   -6.11%       $62.44  
 Currencies                                                 
 Euro/dlr    $1.133  -$0.001  -0.11%   -0.69%               
 USD/AUD     0.7216  -0.002   -0.25%   -0.52%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
 
 (Reporting by Naveen Thukral, Editing by Sherry Jacob-Phillips)
  
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