November 18, 2019 / 3:45 AM / a month ago

GRAINS-Soybeans rise for 3rd session on hopes of U.S.-China trade deal

    * Soybeans up on positive comments from U.S., China
officials
    * Wheat futures tick higher after three sessions of losses

 (Adds details in paragraph 5-6, quote in paragraph 7)
    By Naveen Thukral
    SINGAPORE, Nov 18 (Reuters) - Chicago soybean futures rose
for a third consecutive session on Monday on hopes that a trade
deal between Washington and Beijing could be signed soon
following a report of "constructive talks" between them over the
weekend.
    Wheat edged higher on bargain-buying following three
sessions of decline, although gains were limited by abundant
world supplies.
    The most-active soybean contract on the Chicago Board Of
Trade was up 0.3% at $9.20-3/4 a bushel by 0318 GMT,
having firmed 0.2% on Friday.
    Wheat added 0.1% to $5.03-1/4 a bushel, having closed
down 1% on Friday, while corn was unchanged at $3.71-1/4 a
bushel, having lost 1.2% in the last session. 
    Positive comments on trade from officials in Washington and
Beijing have raised hopes of a trade deal.
    Chinese state media said the two sides had "constructive
talks" on trade in a high-level phone call on Saturday that
included Vice Premier Liu He, U.S. trade representative Robert
Lighthizer and Treasury Secretary Steven Mnuchin.
    "The fact that the two are still talking at senior levels is
a good sign," said Tobin Gorey, director of agricultural
strategy at Commonwealth Bank of Australia. "Or, at least it
would be a bad sign if the key individuals were not talking."
    White House economic adviser Larry Kudlow said last week
that the two sides were "getting close" to a deal.
    Traders and farmers are paying close attention to trade
negotiations because U.S. agricultural exports have suffered
since Beijing imposed retaliatory tariffs on American soybeans
and other farm goods as a part of the trade war.
    China has resumed purchases on U.S. agriculture products as
trade negotiations progressed in recent months. 
    The U.S. Department of Agriculture (USDA) data issued on
Friday showed China was the top buyer of U.S. soybeans during
the week ended Nov. 7, accounting for 61% of the weekly total of
1.256 million tonnes.
    U.S. oilseed processors crushed a record-large volume of
soybeans in October, according to data from the National Oilseed
Processors Association.
    Weekly U.S. corn export sales were in line with analysts'
estimates at 581,600 tonnes. Weekly U.S. wheat export sales of
238,600 tonnes were near the low end of forecast.
    
 Grains prices at 0318 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  503.25  0.50    +0.10%   -1.13%       511.34  41
 CBOT corn   371.25  0.00    +0.00%   -1.07%       385.66  30
 CBOT soy    920.75  2.50    +0.27%   +0.60%       936.62  57
 CBOT rice   11.96   $0.07   +0.59%   +0.34%       $12.04  68
 WTI crude   57.84   $0.12   +0.21%   +1.88%       $55.39  
 Currencies                                                
 Euro/dlr    $1.106  $0.005  +0.48%   +0.47%               
 USD/AUD     0.6817  -0.002  -0.29%   -0.34%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
    

 (Reporting by Naveen Thukral; editing by Uttaresh.V)
  
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