November 30, 2018 / 1:59 AM / 17 days ago

GRAINS-Soybeans steady, set to finish November up 4 pct

    SYDNEY, Nov 30 (Reuters) - U.S. soybean futures held steady
on Friday as traders awaited the outcome of a widely watched
meeting between Washington and China, though the oilseed was set
to record monthly gains of more than 4 percent as prices rebound
from troughs driven by the trade war.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of
Trade up more than 4 percent during November, the biggest
monthly gain since July.
    * The most active corn futures up 3 percent during
November, the second straight monthly gain.
    * The most active wheat futures up nearly 1.5 percent
during November, the first monthly rally in four months.
    * Soybeans on tenterhooks ahead of a widely watched meeting 
between U.S. President Donald Trump and Chinese leader Xi
Jinping on Saturday.
    * Trump sent mixed signals about the prospects for a trade
deal with China, saying an agreement was close but he was not
sure he wanted one.
    * U.S. Department of Agriculture reported weekly wheat
export sales of 377,100 tonnes, in line with trade expectations.

    * Weekly U.S. corn export sales of 1.266 million tonnes
topped expectations. But weakness in soybean futures and sagging
prices for corn-based ethanol hung over the market.
         
    MARKET NEWS  
    * The greenback gained modestly on Thursday as investors
continued to digest comments from Federal Reserve Chairman
Jerome Powell on Wednesday that took a more dovish turn than
expected and sent the dollar tumbling.  
    * Oil prices slipped on Friday after the United States
reported a 10th straight weekly gain in commercial crude
reserves amid record output.  
    * Wall Street closed slightly lower on Thursday as tech and
financial shares slumped, erasing earlier gains stemming from
Federal Reserve minutes showing the central bank opened the
debate on when to pause further interest rate hikes.  
    
    DATA AHEAD (GMT)
0100  China         Official manufacturing PMI         Nov
0100  China         Official services PMI              Nov
0700  Germany       Import prices                      Oct
0700  Germany       Retail sales                       Oct
0745  France        Consumer prices                    Nov
1000  Euro zone     Unemployment rate                  Oct
1445  U.S.          Chicago PMI                        Nov
        
 Grains prices at  0128 GMT
 Contract        Last    Change    Pct chg  Two-day chg    MA 30
 CBOT wheat    508.00      0.25     +0.05%       -0.68%   512.31
 CBOT corn     373.50      0.25     +0.07%       +3.61%   366.24
 CBOT soy      887.75      0.50     +0.06%       -0.31%   875.71
 CBOT rice      10.92     $0.00     +0.00%       +0.65%   $10.81
 WTI crude      51.51     $0.06     +0.12%       +2.43%   $59.87
 Currencies                                                     
 Euro/dlr      $1.139   -$0.001     -0.05%       +0.17%         
 USD/AUD       0.7313     0.000     -0.07%       +0.12%         
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice:USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Gopakumar Warrier)
  
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