May 7, 2019 / 2:05 AM / 2 months ago

GRAINS-Soybeans fall for 8th session on renewed U.S.-China trade tensions

    SINGAPORE, May 7 (Reuters) - Chicago soybean futures lost
more ground on Tuesday with prices dropping for an eighth
consecutive session as fresh trade tensions between Washington
and Beijing weighed on the market.
    * China backtracked on substantial commitments it made
during trade talks with the United States, prompting President
Donald Trump to impose additional tariffs on Chinese goods
slated to go into effect on Friday, top U.S. trade officials
said on Monday.
    * Trump said on Sunday that tariffs on $200 billion of goods
would increase to 25 percent on Friday, reversing a decision he
made in February to keep them at 10 percent due to progress in
trade talks.
    * The president also said he would target a further $325
billion of Chinese goods with 25 percent tariffs "shortly,"
essentially covering all products imported into the United
States from China.
    * Soybeans are the most valuable U.S. agricultural export to
China, which had been the top buyer of U.S. soybeans prior to
the trade war. Pledges by Beijing to increase imports of U.S.
farm goods had raised expectations it would also start buying
significant amounts of U.S. corn and wheat.
    * U.S. tariffs, which have sparked broad selling on equity
and commodity markets, added to recent pressure on soybeans
linked to expectations that U.S. farmers will switch some areas
from corn to soybeans.
    * Asian shares wallowed near five-week lows on early Tuesday
after U.S. President Donald Trump's threat to raise tariffs
re-ignited worries about U.S.-China trade tensions while Japan's
Nikkei opened down after a 10-day break.
0130  Australia   Retail Sales MM          March
0130  Australia   Retail Trade             Q1
0130  Australia   Trade Balance G&S (A$)   March
0430  Australia   RBA Cash Rate            May
0600  Germany     Industrial Orders MM     March
0730  UK          Halifax House Prices MM  April
1300  Russia      CPI MM                   April
1300  Russia      CPI YY                   April      

 Grains prices at  0156 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  433.75  -3.50   -0.80%   -0.97%       455.70  40
 CBOT corn   364.25  0.00    +0.00%   -1.75%       368.65  49
 CBOT soy    828.50  -1.75   -0.21%   -1.63%       887.36  10
 CBOT rice   10.73   $0.03   +0.28%   +8.93%       $10.28  50
 WTI crude   62.35   $0.10   +0.16%   +0.66%       $63.07  
 Euro/dlr    $1.120  $0.001  +0.04%   +0.02%               
 USD/AUD     0.7003  0.001   +0.20%   -0.28%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 RSI 14, exponential
 (Reporting by Naveen Thukral; Editing by Shreejay Sinha)
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