August 5, 2019 / 1:11 AM / 3 months ago

GRAINS-Soybeans extend gains despite U.S.-China trade war concerns

    SYDNEY, Aug 5 (Reuters) - U.S. soybean futures edged higher
for a second consecutive session on Monday, although gains were
checked by the escalation of the trade war between Beijing and
Washington which has dented demand for North American beans.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of
Trade were up 0.4% at $8.72-1/4 a bushel by 0034 GMT.
    * Soybeans also firmed 0.4% on Friday, having touched a
seven-week low last Thursday, but still finished the week down
3.4%.
    * The most active corn futures were down 0.3% at
$4.08-1/4 a bushel, having gained 1.7% in the previous session.
    * The most active wheat futures fell 1.2% to $4.84-3/4
a bushel, having closed up 3.2% on Friday. 
    * U.S. President Donald Trump last week said he would impose
an additional 10% tariff on $300 billion worth of Chinese
imports starting Sept. 1, citing insufficient progress in trade
talks between the world's two largest economies.
    * COLUMN: The U.S. corn crop may have gotten its latest-ever
start this spring, but speculators' bullish bets have lost steam
in recent weeks as the weather has not been outwardly
threatening for crop development.
      
    DATA/EVENTS (GMT)
0145  China    Caixin Services PMI               July
0500  India    IHS Markit Svcs PMI               July
0750  France   Markit Services, Comp PMI         July
0755  Germany  Markit Services  PMI              July
0755  Germany  Markit Comp Final PMI             July
0800  EU       Markit Services, Comp Final PMI   July
0830  UK       Reserve Assets Total              July
1345  US       Markit Services, Comp Final PMI   July     
    
 Grains prices at  0034 GMT
 Contract       Last   Change  Pct chg   Two-day chg   MA 30  RSI 
 CBOT wheat   484.75    -6.00   -1.22%        +1.89%  507.79    41
 CBOT corn    408.25    -1.25   -0.31%        +1.43%  433.57    30
 CBOT soy     872.25     3.75   +0.43%        +0.81%  904.50    30
 CBOT rice     11.67   -$0.04   -0.34%        -2.38%  $11.79    35
 WTI crude     55.39   -$0.27   -0.49%        +2.67%  $57.47    43
 Currencies                                                       
 Euro/dlr     $1.113   $0.002   +0.19%        +0.41%              
 USD/AUD      0.6798    0.000   -0.01%        -0.01%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham)
  
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