May 15, 2018 / 2:36 AM / 2 months ago

GRAINS-Soybeans firm as China continues to buy U.S. supplies

    SYDNEY, May 15 (Reuters) - U.S. soybean futures rose on Tuesday, extending two-day gains to more than 2 percent, as fears of
dampened Chinese demand for North American supplies eased, though gains were checked as planting progress exceeded market forecasts.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board of Trade were up 0.6 percent at $10.24-1/4 a bushel by 0220 GMT,
having firmed 1.5 percent on Monday.
    * The most active corn futures were up 0.8 percent at $3.99-3/4 a bushel, having closed unchanged in the previous session.
    * The most active wheat futures were up 0.9 percent at $4.95-3/4 a bushel, having closed down 1.5 percent on Monday.
    * The USDA said 62 percent of the corn crop was planted as of Sunday, surpassing market expectations.
    * The USDA said 35 percent of the soybean crop was planted as of Sunday, exceeding market forecasts.
    * The USDA said 36 percent of the U.S. wheat crop is in good to excellent condition, beating market forecasts.
    * The USDA said on Monday 688,195 tonnes have been inspected for export, much of which is destined for China, exceeding market
forecasts.
    * Some traders have taken comfort from U.S. President Donald Trump's pledge on Sunday to help Chinese technology company ZTE
Corp as a sign of an attempt to ease trade tensions between the two countries. 
    * However, sources said China was willing in-principle to import more U.S. agriculture products in return for Washington
smoothing out penalties against ZTE, but they did not offer details.
         
    MARKET NEWS  
    * The dollar inched higher against a basket of currencies on Tuesday, having pulled up from its lowest level in more than a week
as hopes for easing global trade tensions pushed U.S. bond yields higher.  
    * Oil prices held firm on Tuesday as ongoing production cuts by OPEC and looming U.S. sanctions against Iran tightened the
market amid strong demand.  
    * Wall Street ended a choppy session slightly higher on Monday as weakness in defensive stocks offset optimism following U.S.
President Donald Trump's conciliatory remarks toward China's ZTE Corp that calmed the waters of U.S.-China trade tensions.  
        
 Grains prices at  0220 GMT
 Contract       Last  Change  Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat   495.75    4.50   +0.92%       -0.60%   498.24    33
 CBOT corn    399.75    3.25   +0.82%       +0.82%   397.35    38
 CBOT soy    1024.25    6.50   +0.64%       +2.09%  1041.18    46
 CBOT rice     12.55   $0.04   +0.32%       -0.87%   $12.99    33
 WTI crude     70.95  -$0.01   -0.01%       +0.35%   $67.82    65
 Currencies                                                      
 Euro/dlr     $1.193  $0.001   +0.04%       -0.10%               
 USD/AUD      0.7525   0.000   +0.00%       -0.23%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
    

 (Reporting by Colin Packham; Editing by Biju Dwarakanath)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below