September 20, 2018 / 3:50 AM / in 2 months

GRAINS-Soybeans fall on record U.S. crop, U.S.-China trade woes; wheat eases

    * Soybeans drop for five out six sessions
    * Market faces pressure from harvest of record U.S. crop
    * Trade war raises doubts over U.S. bean exports to China
    * Wheat dips after two days of strong gains 

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, Sept 20 (Reuters) - Chicago soybeans lost ground
on Thursday with the market  falling for five out of six
sessions and trading near a 10-year low, weighed down by the
Sino-U.S. trade war which comes amid an all-time high U.S. crop.
    Wheat ticked lower after strong gains over the last two
sessions on the back of tightening global supplies.
    The most-active soybean contract on the Chicago Board of
Trade slipped 0.4 percent at $8.26-1/2 a bushel by 0329
GMT. Soybeans hit their lowest since December 2008 at $8.12-1/4
a bushel on Tuesday.
    Wheat was down 0.4 percent at $5.20-1/4 a bushel,
having closed up 2.4 percent on Wednesday and corn fell
0.1 percent at $3.45-1/4 a bushel, having gained 0.7 percent in
the previous session.
    "We have a record crop in the United States and the trade
war has reduced China's demand for soybeans, the market is
unlikely to rise or sustain gains in this situation," said Phin
Ziebell, an agribusiness economist with National Australia Bank.
    Soybean prices have come under sustained pressure from the
U.S.-China trade war.
    The American Soybean Association (ASA) will continue to
lobby Washington to negotiate a solution to end the escalating
trade war between China and the United States, association
president John Heisdorffer said on Thursday at an industry
conference. 
    In July, Beijing imposed tariffs on $34 billion worth of
U.S. imports, including soybeans, in retaliation for a similar
move by Washington on Chinese goods, threatening U.S. exports of
the oilseed worth almost $13 billion last year.
    The wheat market is being underpinned by crop-threatening
weather in some of the key exporting countries against the
backdrop of strong demand.
    Traders have also been monitoring dry conditions and the
potential for more cold weather in Australia, a key wheat
exporter, following possible frost damage last weekend.
    Egypt's main state wheat buyer on Tuesday booked 475,000
tonnes of wheat for two shipment periods, Syria bought about
200,000 tonnes of Russian wheat, and Turkey's state grain board
issued a tender for around 252,000 tonnes of wheat.
    Commodity funds were net buyers of CBOT corn, wheat, soybean
and soymeal futures contracts on Wednesday and net even in
soyoil futures, traders said.
    
 Grains prices at 0329 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  520.25  -2.25   -0.43%   +2.77%       537.61  61
 CBOT corn   345.25  -0.50   -0.14%   -0.79%       365.00  47
 CBOT soy    826.50  -3.50   -0.42%   +0.36%       854.83  50
 CBOT rice   9.98    $0.19   +1.89%   -3.11%       $10.62  29
 WTI crude   71.66   $0.54   +0.76%   +2.59%       $68.35  70
 Currencies                                                
 Euro/dlr    $1.168  $0.006  +0.47%   -0.04%               
 USD/AUD     0.7256  0.011   +1.48%   +0.89%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
         

 (Reporting by Naveen Thukral; Editing by Sunil Nair)
  
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