August 8, 2019 / 4:11 AM / 12 days ago

GRAINS-Soybeans steady, U.S.-China trade war looms large

    * Chinese companies stop buying U.S. agricultural goods
    * Corn and wheat both edge lower
    * China action weighs on market 

    By Colin Packham
    SYDNEY, Aug 8 (Reuters) - U.S. soybean futures took a
breather on Thursday, as the oilseed struggled to find support
amid heightened fears about the impact of a protracted trade war
between Washington and Beijing.
    Corn edged lower, while wheat was slightly down.
    The most active soybean futures on the Chicago Board of
Trade were little changed at $8.66-1/2 a bushel by 0341
GMT, having firmed 0.1% on Wednesday.
    "It is a big deal that China has said it will not buy any
U.S. agricultural production," said Phin Ziebell, agribusiness
economist, National Australia Bank.
    "It is difficult to see upside in this environment."
    China has halted U.S. agricultural purchases in a deepening
trade war with Washington, while overall Chinese demand for
soybeans is set to be cut by a swine disease that has decimated
the world's biggest pig herd.
    The most active corn futures were down 0.1% at
$4.13-1/2 a bushel, after gaining 0.4% in the previous session.
    Despite the impact of souring U.S.-China relations, analysts
said the market remains anxious about the recent wet weather,
which is expected to have slowed planting in several major North
American growing regions.
    The U.S. Department of Agriculture will on Monday update its
planting estimates for various crops, amid widely differing
market assessments of this year's acreage.
    The most active wheat futures were down 0.1% at
$4.87-1/2 a bushel, having closed up 0.9% on Wednesday.
    Wheat has been under sustained pressure in recent weeks amid
ample global supplies.
 Grains prices at  0341 GMT
 Contract       Last  Change  Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat   487.50   -0.75   -0.15%       +0.72%  502.48     44
 CBOT corn    413.50   -0.50   -0.12%       +0.24%  429.73     44
 CBOT soy     866.50   -0.25   -0.03%       +0.09%  898.49     25
 CBOT rice     11.40   $0.02   +0.22%       +4.21%  $10.74     27
 WTI crude     52.62   $1.53   +2.99%       -1.88%  $56.85     38
 Euro/dlr     $1.121  $0.001   +0.09%       +0.08%               
 USD/AUD      0.6773   0.002   +0.27%       +0.19%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential

 (Reporting by Colin Packham; Editing by Shounak Dasgupta)
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