February 12, 2019 / 2:42 AM / 5 days ago

GRAINS-Soybeans rebound from 3-week low, fears of trade talk failure cap gains

    SYDNEY, Feb 12 (Reuters) - U.S. soybean futures rose on
Tuesday, rebounding from a three-week low touched in the
previous session, though gains were checked amid concerns that
Washington and Beijing may fail to clinch a trade deal by a
March 1 deadline.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of
Trade were up 0.4 percent at $9.08-1/2 a bushel by
0204GMT, having lost 1 percent on Monday when prices hit
$9.03-1/2 a bushel - the lowest since Jan. 22.
    * The most active corn futures were up 0.4 percent at
$3.74-1/4 a bushel, having closed down 0.4 percent in the
previous session when prices hit $3.71-3/4 a bushel - the lowest
since Jan. 15.
    * The most active wheat futures were up 0.1 percent
at$5.19 a bushel, having closed up 0.2 percent on Tuesday. 
    * Negotiators from the United States and China, the world's
top soybean buyer, are trying to hammer out a trade deal before
a March 1 deadline, when U.S. tariffs on $200 billion worth of
Chinese imports are scheduled to increase to 25 percent from 10
percent.
    * The USDA last week lowered estimates of U.S. 2018 corn
yield and production, but raised forecasts of 2018-19 U.S. and
global corn ending stocks more than most analysts had expected. 
    * The USDA also raised its estimate of Argentina's corn
harvest to 46 million tonnes, from 42.5 million tonnes
previously. 
    * Improving weather overshadowed a smaller Brazilian soy
crop estimate from agribusiness consultancy AgRural. The firm
pegged the harvest at 112.5 million tonnes, down from 116.9
million tonnes previously.
         
    MARKET NEWS  
    * The dollar held close to its 2019 high on Tuesday as
U.S.-Sino trade tensions and global growth worries underpinned
the greenback's safe-haven appeal, while the euro and the
British pound were hurt by troubles of their own.  
    * Oil prices rose on Tuesday amid OPEC-led supply cuts and
U.S. sanctions against Iran and Venezuela, although surging U.S.
production and concerns over economic growth kept markets in
check.  
    * Wall Street see-sawed on Monday, rarely straying far from
opening levels as investors eyed ongoing U.S.-China trade talks,
potential congressional gridlock and a diminished 2019 earnings
outlook.  
    
    DATA/EVENTS (GMT)
0030      Australia   Housing Finance        Dec
1200      India       Industrial Output      Dec
1500      US          JOLTS Job Openings     Dec
    
 Grains prices at  0204 GMT
 Contract      Last  Change  Pct chg   Two-day chg   MA 30   RSI 
 CBOT wheat  519.00    0.75   +0.14%        +0.34%  517.56     49
 CBOT corn   374.25    1.50   +0.40%        +0.00%  378.12     40
 CBOT soy    908.50    3.50   +0.39%        -0.66%  913.31     40
 CBOT rice    10.31   $0.04   +0.39%        -0.53%  $10.59     31
 WTI crude    52.54   $0.13   +0.25%        -0.34%  $51.86     47
 Currencies                                                      
 Euro/dlr    $1.128  $0.001   +0.05%        -0.41%               
 USD/AUD     0.7076   0.002   +0.24%        -0.17%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 

 (Reporting by Colin Packham; Editing by Subhranshu Sahu)
  
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