November 21, 2019 / 1:55 AM / 17 days ago

GRAINS-Soybeans recover from near 2-month low, U.S.-China trade deal uncertainty weighs

SYDNEY, Nov 21 (Reuters) - U.S. soybean futures rose on Thursday, recovering from near two-month lows touched in the previous session, although gains were checked by worries that a trade deal between Washington and Beijing could be pushed into next year.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade rose 0.1% to $9.06-1/4 a bushel by 0114 GMT. The contract closed down 0.7% on Wednesday, when prices hit their lowest since Oct. 1 at $9.04 a bushel.

* The most active corn futures were 0.1% lower at $3.66-1/2 a bushel, having closed down 0.9% in the previous session when prices hit a low of $3.65-3/4 a bushel - the lowest since Sept. 18.

* The most active wheat futures were little changed at $8.81-3/4 a bushel, having closed up 1.3% on Wednesday.

* Corn and soybeans are under pressure as U.S. President Donald Trump warned on Tuesday that his country would raise tariffs on Chinese imports if no deal was reached.

* Completion of a “phase one” U.S.-China trade deal could slide into next year, trade experts and people close to the White House say, as Beijing presses for more extensive tariff rollbacks, and the Trump administration counters with heightened demands of its own.

* A fresh row between Washington and Beijing over U.S. bills intended to support protesters in Hong Kong and send a warning to China about human rights could complicate talks and delay the deal that investors had hoped to be inked by now.

* The U.S. Department of Agriculture on Monday rated 52% of the winter wheat crop in good to excellent condition, down from 54% a week earlier.

MARKET NEWS

* The yen rose against the dollar after sources close to the White House told Reuters that a U.S.-China trade deal was unlikely this year, which spurred demand for safe-haven assets.

* Oil prices surged more than 2% on Wednesday after a better-than-expected U.S. crude inventories report and as Russia said it would continue its cooperation with OPEC to keep the global oil market balanced.

* Wall Street’s main indexes fell on concerns that a “phase one” trade deal between Washington and Beijing may not be completed this year, while minutes from the Federal Reserve’s October policy meeting appeared to offer little help. (Reporting by Colin Packham; Editing by Subhranshu Sahu)

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