March 5, 2019 / 1:26 AM / 2 months ago

GRAINS-Soybeans extend gains on hopes of U.S.-China trade deal

    SYDNEY, March 5 (Reuters) - U.S. soybean futures edged
higher on Tuesday, extending gains into a third consecutive
session, as hopes of a trade deal between Washington and Beijing
stoked expectations for increased demand.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of
Trade rose 0.1 percent to $9.16-3/4 a bushel by 0112 GMT,
having firmed 0.5 percent on Monday when prices hit a high of
$9.24-3/4 a bushel - the highest since Feb. 1.
    * The most active corn futures were up 0.3 percent to
$3.75-3/4 a bushel, having gained 0.5 percent in the previous
session.
    * The most active wheat futures added 0.2 percent to
$4.56-1/2 a bushel, having closed down 0.4 percent on Monday. 
    * The United States and China appear close to a deal to
remove tariffs, a source briefed on negotiations said on Sunday,
while the Wall Street Journal reported that U.S. President
Donald Trump and Chinese President Xi Jinping could reach a
formal trade deal at a summit later this month.
    * Flooding and ice buildup at  key rivers in the U.S.
Midwest has stalled the movement of barges that supply export
terminals at the Gulf of Mexico with grain and soy.
         
    MARKET NEWS  
    * The dollar held near a two-week high against its key
rivals on Tuesday, underpinned by a resilient economy and a
flagging euro ahead of an upcoming European Central Bank policy
meeting.  
    * Oil prices rose about 1 percent on Monday as the United
States and China appeared closer to ending a trade war that has
slowed global economic growth while OPEC ally Russia said it
would ramp up its crude supply cuts.  
    * Wall Street's major indexes fell on Monday, weighed down
by a weak U.S. construction spending report and declines in
healthcare shares, as an initial rally on optimism over a
U.S.-China trade deal faded.  
    
    DATA/EVENTS (GMT)
0030    Australia        Current Account Balance      Q4
0030    Australia        Net Exports                  Q4
0330    Australia        RBA Cash Rate                Mar
0900    Euro Zone        Markit Comp Final PMI        Feb
0930    Britain          Reserve Assets               Feb
0930    South Africa     GDP                          Q4
1500    US               ISM Non-Mfg PMI              Feb
1500    US               New Home Sales-Units         Dec
    
 Grains prices at  0112 GMT
 Contract       Last  Change   Pct chg  Two-day chg   MA 30  RSI
 CBOT wheat   456.50    1.00    +0.22%       -0.16%  505.16   13
 CBOT corn    375.75    1.00    +0.27%       +0.74%  383.05   36
 CBOT soy     916.75    0.75    +0.08%       +0.58%  924.75   44
 CBOT rice     10.65  -$0.03    -0.23%       +1.14%  $10.57   60
 WTI crude     56.45  -$0.14    -0.25%       +1.16%  $54.63   57
 Currencies                                                     
 Euro/dlr     $1.133  $0.000    -0.04%       -0.36%             
 USD/AUD      0.7081  -0.001    -0.16%       +0.01%             
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Shreejay Sinha)
  
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