May 13, 2019 / 1:28 AM / 2 months ago

GRAINS-Soybeans fall to more than 10-yr low on U.S.-China trade woes

    SYDNEY, May 13 (Reuters) - U.S. soybean futures fell on
Monday to hit their lowest in more than 10 years amid concerns
over a prolonged trade war between Washington and Beijing after
talks between the two appeared to be at an impasse. 
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board of
Trade were down 0.6 percent at $8.04-1/2 a bushel by 0100
GMT, after earlier marking their lowest since December 2008 at
$8.03-1/4 a bushel. They closed down 0.4 percent on Friday.
    * The most active corn futures were down 0.4 percent
at $3.50-1/4 a bushel, having closed down 0.4 percent in the
previous session when prices hit their lowest since September
2018 at $3.45-1/2 a bushel.
    * The most active wheat futures were down 0.6 percent
at $4.22-1/4 a bushel, after earlier touching their lowest since
January 2018 at $4.21-1/4 a bushel. They closed down 1.1 percent
on Friday. 
    * Should the Sino-U.S. trade war drag on, U.S. agricultural
exports will likely suffer. China is expected to retaliate
against the United States for increasing its tariffs on $200
billion in Chinese goods to 25% from 10% early on Friday.
    * The U.S. Department of Agriculture (USDA) on Friday
forecast bigger-than-expected domestic supplies of soybeans,
corn and wheat, further pressuring the markets.
         
    MARKET NEWS  
    * The safe-haven yen edged higher and the Chinese yuan and
Australian dollar dipped early on Monday after the latest
escalation in the trade war between the United States and China.
  
    * Oil futures edged down on Monday.  
    * The prospects for a drawn out trade war between the United
States and China sent S&P 500 futures sharply lower as trading
resumed on Sunday, after Washington demanded concrete changes to
Chinese law and Beijing said it would not swallow any "bitter
fruit" that harmed its interests.  
    
    DATA/EVENTS (GMT)
0130     Australia  Housing Finance   March
1200     India      CPI Inflation YY  April
        
 Grains prices at  0100 GMT
 Contract       Last  Change  Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat   422.25   -2.50   -0.59%       -1.69%  450.24     30
 CBOT corn    350.25   -1.50   -0.43%       -0.85%  365.46     27
 CBOT soy     804.50   -4.75   -0.59%       -1.02%  875.39      5
 CBOT rice     11.03   $0.04   +0.36%       +0.82%  $10.73     73
 WTI crude     61.32  -$0.34   -0.55%       -0.62%  $63.30     32
 Currencies                                                      
 Euro/dlr     $1.123  $0.000   -0.02%       +0.10%               
 USD/AUD      0.6980  -0.002   -0.29%       -0.11%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Joseph Radford)
  
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