December 3, 2019 / 3:52 AM / 3 months ago

GRAINS-Soybeans post first rise in nine sessions, supplies cap gains

    * Soybeans rise from near 3-month lows, wheat recoups losses
    * Ample supplies, U.S.-China trade deal uncertainty limit
gains

 (Adds quote)
    By Naveen Thukral
    SINGAPORE, Dec 3 (Reuters) - Chicago soybeans edged higher
on Tuesday after hitting a near three-month low in the previous
session, with abundant global supplies and uncertainty over a
U.S.-China trade deal limiting the gains.
    Wheat rose after closing down more than 1% while corn gained
for a second session.
    The most-active soybean contract on the Chicago Board Of
Trade was up 0.4% at $8.73-3/4 a bushel by 0149 GMT, after
hitting a Sept. 11 low of 8.68 on Monday.
    Wheat added 0.4% to $5.37-1/4 a bushel and corn
rose 0.1% at $3.82-1/2 a bushel.
    "Look at all the reaction to trade drama, the soybean market
is sensitive to it," said Phin Ziebell, agribusiness economist
at National Australia Bank.
    "There are limited concerns about the supply as Brazilian
crop looks big."
    Soybeans remained under pressure as traders nervously
awaited signs of a deal between the United States and China to
end their damaging trade war.
    U.S. President Donald Trump on Monday said U.S. legislation
backing protesters in Hong Kong did not make trade negotiations
with China easier but added he believes Beijing still wants a
deal.
    Soybean export inspections dropped to 1.545 million tonnes
from 1.952 million tonnes, near the low end of trade estimates.
    Brazil's 2019/20 soybean harvest could come in at a record
122.7 million tonnes, according to the average forecast in a
Reuters survey of 16 market analysts.
    The U.S. Agriculture Department said on Monday morning corn
export inspections fell to 428,856 tonnes in the week ended Nov.
28, from 615,968 tonnes a week earlier, below market forecasts.
Wheat export inspections of 246,968 tonnes also were below
expectations.
    Australia on Tuesday cut its wheat production forecast by
nearly 20% for the year through June 2020, as an unrelenting
drought across the country's east coast will likely see output
fall to an 11-year low.
    In the U.S. Midwest, a blizzard threatens to force some
farmers in that key production region to leave their crops
standing until the spring.
    Commodity funds were net buyers of CBOT corn and soymeal
futures contracts on Monday, traders said. They were net sellers
of CBOT soybeans, wheat and soyoil.
    
 Grains prices at 0319 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  537.25  2.00    +0.37%   +1.99%       518.81  72
 CBOT corn   382.50  0.50    +0.13%   +2.62%       387.75  53
 CBOT soy    873.75  3.25    +0.37%   -0.94%       919.60  22
 CBOT rice   12.37   -$0.10  -0.84%   -0.16%       $12.05  68
 WTI crude   56.17   $0.21   +0.38%   -3.34%       $56.48  
 Currencies                                                
 Euro/dlr    $1.107  $0.006  +0.51%   +0.58%               
 USD/AUD     0.6818  0.005   +0.80%   +0.74%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
    

 (Reporting by Naveen Thukral; Editing by Sriraj Kalluvila)
  
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