March 12, 2018 / 1:17 AM / 12 days ago

GRAINS-Soybeans fall to two-week low as trade war threat escalates

    SYDNEY, March 12 (Reuters) - U.S. soybean futures fell on
Monday to hit a more-than-two-week low as traders worried about
future demand for North American supplies as Chinese officials
signalled the oilseed was a likely target for retaliation
against tariffs imposed by U.S. President Donald Trump.
    * The most active soybean futures on the Chicago Board Of
Trade were down 0.1 percent to $10.38-3/4 a bushel by 0058
GMT, having earlier hit a low of $10.32 a bushel - the lowest
since Feb 21. Soybeans fell 2.3 percent on Friday.
    * The most active corn futures were down 0.6 percent
to $3.88-1/4 a bushel, having closed down 0.8 percent in the
previous session.
    * The most active wheat futures were down 0.1 percent
to $4.89 a bushel, having closed down 2 percent on Friday. 
    * Chinese officials have said U.S. soybeans are a prime
target for retaliation against tariffs imposed by the Trump
administration on steel and aluminium imports, according to the
American Soybean Association.
    * Soybeans and corn supported as dry weather lingers across
    * The U.S. Department of Agriculture in a monthly supply and
demand report on Thursday cut projected U.S. corn stocks by more
than expected on the back of healthy exports and ethanol demand.

    * The USDA raised its outlook for global wheat inventory at
the end of 2017/18 to a record. High world supplies were
countering support from drought in parts of the Plains.

    * The dollar was little changed against a basket of
currencies on Friday as monthly U.S. job growth data was its
strongest in over 1-1/2 years while wage gains slowed more than
expected, supporting the view the Federal Reserve would not
quicken its pace on raising interest rates.  
    * Oil prices rose nearly $2 on Friday, rebounding from two
days of declines as Wall Street climbed on strong U.S. jobs
data, while investors also grew hopeful that a planned meeting
between U.S. President Donald Trump and North Korea's Kim Jong
Un could ease geopolitical tensions.  
1400  U.S.               Employment trends            Feb
 Grains prices at  0058 GMT
 Contract       Last  Change  Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat   489.00   -0.25   -0.05%       -2.05%   477.04    57
 CBOT corn    388.25   -2.25   -0.58%       -1.33%   376.86    61
 CBOT soy    1038.75   -0.50   -0.05%       -2.37%  1030.99    34
 CBOT rice     12.32  -$0.02   -0.12%       -0.93%   $12.45    46
 WTI crude     62.22   $0.18   +0.29%       +3.49%   $62.31    52
 Euro/dlr     $1.231  $0.000   +0.03%       -0.01%               
 USD/AUD      0.7857   0.001   +0.10%       +0.87%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 (Reporting by Colin Packham; Editing by Sunil Nair)
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