April 6, 2018 / 1:02 AM / 20 days ago

GRAINS-Soybeans slump as U.S. considers escalating Chinese tariffs

    * Soybeans fall as much as 2.5 pct 
    * U.S. considering additional tariffs on China 
    * Corn falls more than 1 pct, wheat edges lower 

    By Colin Packham
    SYDNEY, April 6 (Reuters) - U.S. soybean futures fell as
much as 2.5 percent on Friday after Washington threatened
further tariffs on China, fueling fears of a full-scale trade
war between the world's two largest economies that may hit
demand for American supplies of the grain.
    Corn fell 1 percent, losing half the gains from the previous
session, while wheat also fell.
    The most active soybean futures on the Chicago Board of
Trade were down 1.9 percent to $10.11-2/3 a bushel by 0027
GMT, having earlier hit a low of 10.03 a bushel. Soybeans hit a
low of $9.83-1/2 a bushel on Wednesday - the lowest since Feb 9.
    Market sentiment immediately soured after President Donald
Trump said he had instructed U.S. trade officials to consider
$100 billion in additional tariffs on China, escalating an
already heated trade dispute between the countries.
    "The market came back after tanking on Wednesday and I think
the market had it's fingers crossed that they would come back
from the edge but there doesn't seem any sign of that," aid Phin
Ziebell, an agribusiness economist at National Australia Bank.
    The most active corn futures were down 1.4 percent to
$3.84-1/4 a bushel, having jumped 2.2 percent in the previous
session.
    The most active wheat futures were down 0.6 percent to
$4.62 a bushel, having closed up 2 percent on Thursday.
        
 Grains prices at  0027 GMT
 Contract       Last  Change  Pct chg   Two-day chg    MA 30  RSI
 CBOT wheat   462.00   -2.75   -0.59%        +1.37%   473.32   57
 CBOT corn    384.25   -5.25   -1.35%        +0.85%   382.88   54
 CBOT soy    1011.75  -19.50   -1.89%        -0.34%  1041.62   39
 CBOT rice     12.35  -$0.04   -0.36%        -0.60%   $12.37   49
 WTI crude     63.12  -$0.42   -0.66%        -0.39%   $62.90   42
 Currencies                                                      
 Euro/dlr     $1.225  $0.001   +0.10%        -0.22%              
 USD/AUD      0.7677  -0.001   -0.09%        -0.51%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham
Editing by Aaron Sheldrick)
  
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