July 30, 2020 / 1:46 AM / 16 days ago

GRAINS-Soybeans extend losses into third straight session

SYDNEY, July 30 (Reuters) - U.S. soybean futures edged lower for a third consecutive session on Thursday as elevated tensions between Washington and Beijing stoked concerns about trading in oilseed.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade were down 0.1% at $8.85 a bushel by 0131 GMT, having closed down 0.3% on Wednesday.

* The most active corn futures were up 0.3% at $3.27-1/2 a bushel, having closed down 1.1% in the previous session.

* The most active wheat futures were unchanged at $5.32-3/4 a bushel, having closed down 0.8% on Wednesday.

* Soybeans under pressure from bilateral tensions between the United States and China.

* Rain forecasts across the U.S. Midwest this week have pressured the corn market.

* The U.S. Drought Monitor said on Thursday much of western Iowa faced moderate to severe drought conditions.

MARKET NEWS

* The dollar was mired at a more than two-year low on Thursday as the Federal Reserve repeated a pledge to limit damage from the pandemic as surging new coronavirus cases hamper the economy.

* Oil prices barely held on to gains on Thursday as a surge in coronavirus infections around the globe raised fears that a rebound in fuel demand would stutter, just as major oil producers are set to raise output in August.

* Asian stocks were set to track an upbeat Wall Street session on Thursday after the Federal Reserve kept interest rates at ultra-low levels, while the U.S. dollar fell to a two-year low.

Reporting by Colin Packham; Editing by Vinay Dwivedi

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