September 23, 2019 / 1:21 AM / a month ago

GRAINS-Soybeans rise; fears of prolonged trade war cap gains

    SYDNEY, Sept 23 (Reuters) - U.S. soybean futures edged
higher on Monday, rebounding from losses of more than 1% in the
previous session, though gains were checked by fears of a
protracted trade war between Beijing and Washington.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board of
Trade were up 0.1% at $8.84 a bushel by 0054 GMT, having
closed down 1.1% on Friday.
    * The most active corn futures were up 0.1% at
$3.71-1/4 a bushel, having closed down 0.5% in the previous
session.
    * The most active wheat futures were down 0.2%
at$4.83-1/4 a bushel, having closed down 0.8% on Friday. 
    * Market eyes any sign of progress in talks to end
U.S.-China trade war.
    *  U.S. and Chinese deputy negotiators held "productive"
talks in Washington last week aimed at improving their trade
relationship, the U.S. Trade Representative's office said on
Friday without offering further details.
    * Chinese officials unexpectedly cancelled a visit to farms
in Montana and Nebraska as deputy trade negotiators wrapped up
two days of talks in Washington.
    * U.S. President Donald Trump said the United States was
looking for a complete trade deal with China and that
agricultural purchases from the Asian nation would not go far
enough, adding that a comprehensive agreement would take time.

         
    MARKET NEWS  
    * The U.S. dollar rose against a basket of currencies on
Friday, for its first weekly increase in three, prompted by
hopes of progress in U.S.-China trade talks and that the Federal
Reserve would not lower rates aggressively.  
    * Oil prices gained more than 1% to hit their highest levels
in two sessions at the start of Monday's trade as Middle East
tensions remained elevated, supporting prices.  
    
 Grains prices at  0054 GMT
 Contract       Last  Change  Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat   483.25   -1.00   -0.21%       -0.97%  475.83     56
 CBOT corn    371.25    0.50   +0.13%       -0.40%  368.78     66
 CBOT soy     884.00    1.25   +0.14%       -1.01%  875.18     56
 CBOT rice     12.24  -$0.07   -0.61%       -1.01%  $11.85     69
 WTI crude     58.77   $0.68   +1.17%       +1.10%  $56.33     56
 Currencies                                                      
 Euro/dlr     $1.102  $0.000   -0.01%       -0.22%               
 USD/AUD      0.6768   0.000   +0.00%       -0.31%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Rashmi Aich)
  
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