February 14, 2019 / 3:56 AM / 7 months ago

GRAINS-Soybeans fall for 2nd session, wheat eases from 1-week top

    * Soybeans edge lower, market eyes U.S.-China trade deal
    * Wheat falls after climbing for four sessions, corn dips
    * China imported 7.38 mln tonnes of soybeans in January

 (Adds details, quote)
    By Naveen Thukral
    Feb 14 (Reuters) - Chicago soybean futures slid for a second
straight session on Thursday, although easing trade tensions
between Washington and Beijing kept a floor under the market.
    Wheat lost ground after climbing for the last four sessions
to a near one-week top while corn dropped, having risen for the
last two days.
    The most-active soybean contract on the Chicago Board Of
Trade fell 0.1 percent to $9.15-3/4 a bushel by 0341 GMT,
having closed down by a similar level on Wednesday.
    Wheat was down 0.3 percent at $5.20-3/4 a bushel,
having gained 1.8 percent in the last four sessions, and corn
 declined 0.3 percent to $3.77-3/4 a bushel.
    U.S. President Donald Trump said on Wednesday trade talks
with China were "going along very well" as the world's two
largest economies try to resolve their seven-month tariff war
ahead of a March 1 deadline for a deal.
    "Soybean prices seem to have settled back into the range
trading that has characterised the market since the start of
December," said Tobin Gorey, director of agricultural strategy
at Commonwealth Bank of Australia.
    "We continue to think the bean market has some potential to
force itself out of this range. U.S. farmers' planting choices,
and the related U.S.-China trade negotiations, have the
potential to create a hefty shift in the market's collective
view about oilseed supply."
    China, the world's largest soybean buyer, imported 7.38
million tonnes of soybeans in January, up 29 percent from 5.72
million tonnes in December, figures from the General
Administration of Customs of China showed.
    Argentina's soy crop is expected to reach 52 million tonnes
during the 2018-19 season, up from 50 million tonnes previously
forecast, the Rosario Grains Exchange said on Wednesday.

    Ukraine's grain exports have risen to 30.17 million tonnes
so far in the 2018/19 season, up from 24.88 million tonnes at
the same point in the previous season, the agriculture ministry
said on Wednesday.
    Ukraine has said it harvested a record 70 million tonnes of
grain last year, up from 61.3 million in 2017. The ministry said
exports could rise to at least 47 million tonnes in the July
2018 to June 2019 season from 39.4 million the season before.
    Commodity funds were net buyers of CBOT corn, wheat and
soymeal futures contracts on Wednesday and net sellers of
soybeans and soyoil, traders said.
 Grains prices at 0341 GMT
 Contract    Last    Change   Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  520.75  -1.50    -0.29%   +0.48%       518.18  50
 CBOT corn   377.75  -1.00    -0.26%   +1.34%       378.34  47
 CBOT soy    915.75  -0.75    -0.08%   +1.19%       914.30  48
 CBOT rice   10.28   $0.02    +0.19%   +0.10%       $10.58  30
 WTI crude   54.05   $0.15    +0.28%   +3.13%       $52.17  
 Euro/dlr    $1.128  -$0.005  -0.41%   +0.03%               
 USD/AUD     0.7111  0.002    +0.25%   +0.74%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 RSI 14, exponential

 (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)
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