July 17, 2018 / 1:27 AM / 2 months ago

GRAINS-Soybeans firm 1 percent to hit five-day high on USDA condition report

    SYDNEY, July 17 (Reuters) - U.S. soybeans rose 1 percent on
Tuesday to hit a five-day high as the U.S. Department of
Agriculture said the condition of the crop was behind market
expectations.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of
Trade were up 1 percent to $8.54-1/4 a bushel by 0059 GMT,
 near the session high of $8.55-1/2 a bushel - the highest since
July 12. Soybeans closed up 1.4 percent in the previous session.
    * The most active corn futures were up 1.2 percent to
$3.59-1/2 a bushel, having gained 0.1 percent in the previous
session.
    * The most active wheat futures were up 0.5 percent at
$4.91 a bushel, having closed down 1.7 percent on Monday. 
    * The USDA said 72 percent of the U.S. corn crop is in good
to excellent condition, behind market expectations.

    * The USDA said 69 percent of the U.S. soybean crop is in
good to excellent condition, slightly behind market forecasts.
    * The USDA said 74 percent of the winter wheat crop has been
harvested, lagging slightly versus analysts' forecasts. 
    * U.S.-China trade war pressured soybeans - seen as the most
valuable U.S. agricultural export to China, the world's top
buyer of the oilseed. 
    * Chinese buyers have loaded up on soybeans from Brazil,
instead of the United States, because of tariffs on U.S. soy
that were threatened for weeks and enacted on July 6.

    * On Sunday, though, the top U.S. Republican lawmaker
overseeing trade policies called for a meeting between Trump and
Chinese Premier Xi Jinping to ease tensions.
             
    MARKET NEWS  
    * The dollar fell on Monday as investors pared long bets on
the greenback and rebalanced their positions ahead of Federal
Reserve Chairman Jerome Powell's first congressional testimony.
  
    * Oil prices slumped more than 4 percent on Monday, with
Brent reaching a three-month low, as Libyan ports reopened and
traders eyed potential supply increases by Russia and other
producers.  
    * The S&P 500 ended slightly lower on Monday following a
drop in oil prices that weighed on energy shares and offset a
jump in financials as Bank of America's results reinforced
expectations of a strong U.S. earnings season.  
    
 Grains prices at  0059 GMT
 Contract      Last  Change   Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat  491.00    2.50    +0.51%       -1.21%  504.98     51
 CBOT corn   359.50    4.25    +1.20%       +1.34%  375.80     51
 CBOT soy    854.25    8.50    +1.01%       +2.40%  909.59     42
 CBOT rice    12.02  -$0.03    -0.25%       +0.25%  $11.82     54
 WTI crude    68.12   $0.06    +0.09%       -4.07%  $69.13     31
 Currencies                                                      
 Euro/dlr    $1.171  $0.000    -0.03%       +0.17%               
 USD/AUD     0.7411  -0.001    -0.09%       -0.16%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
    

 (Reporting by Colin Packham)
  
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