January 7, 2020 / 2:17 AM / 13 days ago

GRAINS-Soybeans gain for second day on hopes of higher Chinese demand

SYDNEY, Jan 7 (Reuters) - U.S. soybeans edged higher on Tuesday, gaining for a second straight session, as hopes of increased Chinese demand underpinned gains.

FUNDAMENTALS

* The most-active soybean futures on the Chicago Board Of Trade were up 0.2% at $9.46-1/4 a bushel by 0138 GMT, having firmed 0.4% on Monday.

* Corn futures were little changed at $3.85 a bushel, having closed down 0.5% in the previous session when prices hit a low of $3.82-3/4 a bushel — the lowest since Dec 13.

* Wheat futures were little changed at $5.50-1/4 a bushel, having closed down 0.8% on Monday when prices hit $5.46-3/4 a bushel — the lowest since Dec. 26.

* Optimism that China would accelerate purchases of U.S. farm goods remained supportive for crop markets, particularly soybeans, as officials from Beijing are expected to travel to the United States next week to sign the Phase 1 trade deal.

* Rainfall alleviated dry conditions in Brazil, the world’s biggest soybean exporter, which also curbed Chicago grain prices.

MARKET NEWS

* The Swiss franc held gains against the dollar as traders sought save-havens amid heightened anxiety about potential Iranian retaliation to a U.S. drone strike that killed its most prominent military commander last week.

* Oil prices edged lower, coming off their highest levels in months as the market calmed while the world braces for Iran’s response to the killing of its top military commander by the United States.

* U.S. stocks ended higher on Monday, rebounding from Friday’s losses as investors brushed aside worries about increased tensions in the Middle East and shares of Alphabet and other internet names gained. (Reporting by Colin Packham; editing by Uttaresh.V)

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