November 6, 2018 / 4:35 AM / 16 days ago

GRAINS-Soybeans firm on hopes of China-U.S. trade talks; corn eases

    * Soybeans rise, recoup last session's losses 
    * Hopes of easing U.S.-China trade tensions support
    * Corn declines from highest in nearly three weeks

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, Nov 6 (Reuters) - Chicago soybeans ticked higher
on Tuesday as the latest comments from Chinese authorities
raised hopes Beijing is committed to resolve its trade dispute
with Washington.
    Corn edged lower after climbing to its highest in nearly
three weeks on Monday, driven by expectations the U.S.
Department of Agriculture will reduce its production estimate.
    The most-active soybean contract on the Chicago Board Of
Trade       was up 0.1 percent at $8.86-1/2 a bushel, as of 0413
GMT, having closed down 0.2 percent on Monday.
    Corn       slipped 0.1 percent to $3.73-1/2 a bushel having
climbed in the previous session to its highest since Oct. 17 at
$3.74-1/4 a bushel and wheat       dipped 0.1 percent to $5.07 a
bushel. 
    China is ready to hold discussions and work with the United
States to resolve trade disputes because the world's two largest
economies stand to lose from confrontation, Vice President Wang
Qishan said on Tuesday.             
    "There is hope and that is why the soybean market is holding
up," said one India-based agricultural commodities analyst. "But
any further gains will depend on what concrete steps the two
countries take to ease tensions."
    Soybean exports from the United States, the world's second
largest supplier, to China, the No. 1 buyer, have come to a halt
as a result of the trade war.
    After the market closed on Monday, the U.S. Department of
Agriculture said 83 percent of the soybean crop had been
harvested as compared with 72 percent a week ago but below the
average pace of 89 percent.
    The agency said 76 percent of the corn crop had been
harvested, up from 63 percent a week ago and not far from the
average pace of 77 percent.
    The USDA will issue its latest monthly supply-and-demand
report on Thursday and analysts expect the government to lower
its forecast of U.S. corn yield, production and 2018/19-ending
stocks.             
    In addition to crop losses, U.S. farmers are finding
increased levels of a plant toxin known as vomitoxin in this
year's corn harvest, adding insult to injury for growers already
suffering due to the U.S.-China trade war.
    Analysts also expect the USDA to lower its U.S. soybean
yield estimate, but raise its forecast of 2018/19 soy ending
stocks.
    Commodity funds were net buyers of CBOT corn futures
contracts on Monday and net sellers of wheat, soybeans, soymeal
and soyoil, traders said.              

 (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)
  
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