November 13, 2019 / 2:20 AM / 4 months ago

GRAINS-Soybeans inch up on slow U.S. harvest pace

    SYDNEY, Nov 13 (Reuters) - U.S. soybean futures edged higher
on Wednesday, after touching a one-month trough in the previous
session, as the U.S. Department of Agriculture pegged the pace
of harvest below market expectations.

    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of
Trade       were up 0.1% at $9.17-3/4 a bushel by 0201 GMT.
Prices had closed little changed on Tuesday after hitting the
Oct. 8 low of $9.15 a bushel earlier in the session.
    * The most active corn futures       were up 0.3% at
$3.76-3/4 a bushel, having gained 1.2% in the previous session.
    * The most active wheat futures       were down 0.4% at
$5.15 a bushel, having closed up 2.2% on Tuesday. 
    * The USDA said the corn harvest was 66% complete, behind
market expectations.                          
    * The USDA said the soybean harvest was 85% complete, behind
analysts' forecasts.
    * The USDA said 54% of the winter wheat crop is in good to
excellent condition, lagging behind forecasts.
    * Temperatures dropped near zero Fahrenheit (-18 Celsius) in
wheat-growing areas of the U.S. Plains, including in western
Kansas, according to a daily weather report from the U.S.
Department of Agriculture.
    * The USDA separately reported 528,875 tonnes of U.S. wheat
were inspected for export in the week ended Nov. 7. That was
slightly above analysts' estimates for 300,000 to 500,000
tonnes. pnL2N27R0QC]
    * U.S. President Donald Trump on Tuesday dangled the
prospect of completing an initial trade deal with China "soon"
but offered no new details on negotiations.             
             
    MARKET NEWS  
    * The dollar clung to most of its recent gains on Wednesday
after U.S. President Donald Trump said a trade deal with China
was "close" but offered no new details on negotiations to send
the greenback higher.         
    * Oil prices ended Tuesday little changed after paring gains
of about 1% following a speech from U.S. President Donald Trump
that offered few new details about Washington's trade talks with
Beijing.        
    * The benchmark S&P 500 stock index eked out a slim gain on
Tuesday as President Donald Trump said the United States is
close to signing an initial trade deal with China but offered no
new details about negotiations.      

 (Reporting by Colin Packham; Editing by Aditya Soni)
  
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