May 15, 2018 / 3:27 AM / a year ago

GRAINS-Soybeans up for 2nd day on Chinese buying, wheat rebounds

    * Soybeans rise as U.S.-China seen resolving trade dispute
    * Wheat up after 4 days of decline, Russian supply caps

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, May 15 (Reuters) - Chicago soybeans rose for a
second session on Tuesday with prices underpinned by
higher-than-expected export inspections and hopes of a
resolution to the U.S.-China trade dispute.
    Wheat gained on bargain-buying after four sessions of
decline although a record crop in top exporter Russia is likely
to limit gains. 
    The Chicago Board of Trade most-active soybean contract
 added 0.4 percent at $10.21-1/2 a bushel by 0309 GMT,
having firmed 1.5 percent on Monday.
    Wheat was up 0.7 percent at $4.94-3/4 a bushel, having
lost 4.8 percent in the last four sessions while corn
gained 0.8 percent at $3.99-1/2 a bushel, having closed nearly
unchanged in the previous session.
    "Just looking at strength in soybeans, there are hopes that
the U.S.-China trade spat will get sorted out soon," said Phin
Ziebell, agribusiness economist, National Australia Bank.
    "Chinese buying of U.S. farm products is supportive for
    Some traders have taken comfort from U.S. President Donald
Trump's pledge on Sunday to help Chinese technology company ZTE
Corp as a sign of an attempt to ease trade tensions
between the two countries. 
    Sources said China was willing in-principle to import more
U.S. agriculture products in return for Washington smoothing out
penalties against ZTE, but they did not offer details.

    The U.S. Department of Agriculture said on Monday 688,195
tonnes have been inspected for export, much of which is destined
for China, exceeding market forecasts.
    It said 62 percent of the corn crop and 35 percent of the
soybean crop was planted as of Sunday, surpassing market
    The agency said 36 percent of the U.S. wheat crop is in
good-to-excellent condition, beating market forecasts.

    Wheat prices are expected to be capped by abundant global
    Russian wheat export prices fell slightly last week as rain
improved conditions for crops across the United States and the
Black Sea, analysts said on Monday.
    Commodity funds were net buyers of CBOT soybean, corn and
soymeal futures contracts on Monday. They were net sellers of
wheat and even in soyoil, traders said.
 Grains prices at 0309 GMT
 Contract    Last     Change   Pct chg  Two-day chg  MA 30    RSI
 CBOT wheat  494.75   3.50     +0.71%   -2.32%       497.55   33
 CBOT corn   399.50   3.00     +0.76%   -0.62%       397.38   38
 CBOT soy    1021.50  3.75     +0.37%   +0.02%       1042.14  46
 CBOT rice   12.55    $0.04    +0.32%   +0.16%       $12.99   33
 WTI crude   71.00    $0.04    +0.06%   +0.42%       $67.82   65
 Euro/dlr    $1.193   -$0.001  -0.08%   +0.16%                
 USD/AUD     0.7532   -0.001   -0.13%   +0.00%                
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 RSI 14, exponential

 (Reporting by Naveen Thukral; Editing by Sunil Nair)
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