July 24, 2020 / 1:33 AM / 14 days ago

GRAINS-Soybeans hit four-day high on Chinese demand

SYDNEY, July 24 (Reuters) - U.S. soybeans rose to a four-session high on Friday as strong Chinese demand pushed the oilseed towards a weekly gain of nearly 1%.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade were up nearly 1% for the week, heading for a second straight week of gains.

* Soybeans were up 0.2% at $9.01-3/4 a bushel, the highest since July 20.

* The most active corn futures were down 0.7% for the week, poised for a third straight weekly decline.

* The most active wheat futures were down 0.4% for the week, heading for their first weekly loss in a month.

* Private exporters reported sales of 132,000 tonnes of soybeans to China, the U.S. Department of Agriculture (USDA) said on Thursday.

* Escalating tensions between China and the United States muted gains after Washington ordered Beijing to close its consulate in Houston amid accusations of spying.

MARKET NEWS

* The safe-haven yen hit a one-month high and the sliding dollar found some support, as deteriorating Sino-U.S. relations had traders cautious, though a surging euro has kept the greenback on track for its worst week in a month.

* Oil edged higher as the U.S. dollar fell to an almost two-year low though demand concerns with coronavirus cases continuing to climb globally and tensions between the United States and China, the world’s top oil consumers, kept a lid on prices.

* Asian markets are set to open mostly lower as China vowed to retaliate against a U.S. order to close one of its consulates, and the American equity markets fell on gloomy data about its labour market. (Reporting by Colin Packham; Editing by Subhranshu Sahu)

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