August 26, 2019 / 4:08 AM / 20 days ago

GRAINS-Soybeans rebound from near 3-week low, U.S.-China trade war limits gains

    * Soybeans hit low of $8.55 a bushel before rallying
    * Chinese tariffs sap market sentiment
    * Corn edges higher, wheat little changed 

    By Colin Packham
    SYDNEY, Aug 26 (Reuters) - U.S. soybean futures rose more
than 0.5% on Monday, reversing  from a near three-week low hit
earlier, though gains were capped by the latest salvos in the
trade war between Washington and Beijing.
    Corn rose, rebounding from losses of nearly 1% on Friday,
while wheat was little changed.
    The most active soybean futures on the Chicago Board Of
Trade were up 0.7% at $8.62-1/2 a bushel, as of 0345 GMT.
Earlier in the session, they hit $8.55 a bushel, their lowest
since Aug 5. Soybeans closed down 1.4% on Friday.
    Even as the market rebounded, analysts said the escalation
in the U.S.-China trade war weighed on sentiment.
    "There is no good news for U.S. producers from an escalation
in the U.S.-China trade war and in that environment, there is
little upside for prices," said Phin Ziebell, agribusiness
economist, National Australia Bank.
    China on Friday announced retaliatory tariffs on about $75
billion worth of U.S. goods, including agricultural products.

    However, the impact on grains was seen as largely
psychological, given that China already said this month it
halted purchases of U.S. agricultural products.
    The most active corn futures were up 0.4% at $3.69-1/4
a bushel, having closed 0.9% weaker in the previous session.
    Analysts noted Pro Farmer projection for U.S. 2019 corn
yield at 163.3 bushels per acre and the U.S. soybean yield at
46.1 bushels per acre, both below the U.S. Department of
Agriculture's most recent forecasts.
    The most active wheat futures were near unchanged at
$4.77-1/2 a bushel, having closed up 0.2% on Friday.
        
 Grains prices at  0345 GMT
 Contract       Last  Change  Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat   477.50   -0.25   -0.05%       +1.22%  491.84     50
 CBOT corn    369.25    1.50   +0.41%       -0.47%  404.98     28
 CBOT soy     862.50    6.00   +0.70%       -0.72%  884.26     42
 CBOT rice     11.24  -$0.04   -0.40%       +0.54%  $11.89     31
 WTI crude     53.55  -$0.62   -1.14%       -3.25%  $55.46     39
 Currencies                                                      
 Euro/dlr     $1.114  $0.000   -0.04%       +0.55%               
 USD/AUD      0.6739  -0.001   -0.22%       -0.25%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Sriraj Kalluvila)
  
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