March 5, 2020 / 2:08 AM / a month ago

GRAINS-Soybeans poised to gain for a fourth session

SYDNEY, March 5 (Reuters) - U.S. soybean futures edged higher on Thursday, extending gains into a fourth session, boosted by expectations of increased demand for North American supplies after Argentina moved to raise export taxes.

FUNDAMENTALS

* The most-active soybean futures on the Chicago Board Of Trade were up 0.2% at $9.08-3/4 a bushel by 0139 GMT, having firmed 0.4% on Wednesday.

* The most-active corn futures were down 0.3% at $3.85 a bushel, having gained 1% in the previous session.

* The most-active wheat futures were up 0.1% at $5.18-3/4 a bushel, having closed down 1.7% on Wednesday.

* Argentina plans to raise taxes on soybean, soyoil and soymeal exports to 33% from the current 30%, the Agriculture Ministry said on Tuesday, as the government moves to increase revenue ahead of a planned sovereign bond restructuring.

* China, the world’s top soybean importer, buys soybeans from Brazil at this time of year. But China is expected to enter the U.S. market in the late spring and summer, U.S. Agriculture Secretary Sonny Perdue told Congress.

* The U.S. Federal Reserve’s rate cut on Tuesday was among several measures from policymakers to counter the impact of the coronavirus, which originated in China late last year and has since upset global supply chains, travel and production.

MARKET NEWS

* The dollar found its footing on Thursday as upbeat jobs data helped it recoup a little of its slide against the euro and it steadied on the yen after the U.S. Federal Reserve’s surprise rate cut.

* Crude oil prices ended lower, giving up early gains as major oil producers, including Saudi Arabia, struggled to bring Russia on board for deeper supply cuts to try to offset a slump in demand caused by the coronavirus outbreak.

* Wall Street roared back to life on Wednesday, with both the Dow and the S&P 500 surging more than 4%, after former Vice President Joe Biden’s strong showing in the Super Tuesday Democratic primary contests injected a dose of confidence

Reporting by Colin Packham; Editing by Devika Syamnath

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