August 12, 2019 / 12:53 AM / in 11 days

GRAINS-U.S. corn, soybeans ease ahead of key USDA report

    SINGAPORE, Aug 12 (Reuters) - Chicago corn and soybean
futures slid on Monday as traders squared positions ahead of a
U.S. supply-demand report, although losses were limited by
concerns over dry weather curbing yields across the U.S.
    * The spotlight is on the U.S. Department of Agriculture's
(USDA) monthly report set for release later on Monday, which
will include highly anticipated revisions to rain-hit U.S. corn
and soybean planting.
    * Analysts polled ahead of the USDA report expect the agency
to cut corn and soybean acreage and production estimates.

    * Grain markets were supported last week by dry weather in
corn and soy production areas of the U.S. Midwest, which could
dent yield prospects after excessive spring rains that delayed
or prevented many farmers from planting.
    * Markets are also monitoring developments in a deepening
trade war between the United States and China that has already
slashed U.S. agricultural exports to the world's top commodities
    * U.S. President Donald Trump said on Friday that he was not
ready to make a trade deal with China, fanning fears of a
drawn-out and disruptive trade dispute that is now in its second
    * Russia has been granted permission to export wheat to
Saudi Arabia, Interfax news agency cited Russia's agriculture
watchdog as saying on Friday.
    * Reuters earlier reported that Saudi Arabia planned to
relax its bug-damage specifications for wheat imports from its
next tender onwards, opening the door to Black Sea imports and
strengthening ties with Russia beyond energy cooperation.
    * Ukraine, which expects its 2019 grain crop to be in line
with last year's level of around 70 million tonnes, had
harvested 36.8 million tonnes of early grains by Aug. 9, the
agriculture ministry said on Friday.
    * Farmers have threshed 9.5 million hectares of grains or
95% of the sown area, the ministry said in a statement. The
harvested volume includes 27.1 million tonnes of wheat and 8.5
million tonnes of barley.
    * Signs of further escalation of the U.S.-China trade war
and weak UK economic data weighed on global markets on Friday,
capping a volatile week that has pushed gold to its highest
level in six years.
1230  Brazil  IBC-BR Economic Activity  June
1600  U.S. Department of Agriculture's monthly World
Agricultural Supply and Demand Estimates (WASDE) and Crop
Production reports.
 Grains prices at  0035 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  497.50  -2.00   -0.40%   -0.20%       500.28  54
 CBOT corn   414.75  -3.00   -0.72%   -0.84%       428.43  46
 CBOT soy    886.75  -5.00   -0.56%   +0.42%       897.21  58
 CBOT rice   11.37   $0.00   +0.00%   +0.13%       $11.76  32
 WTI crude   54.26   -$0.24  -0.44%   +3.27%       $56.54  
 Euro/dlr    $1.120  $0.000  +0.04%   +0.21%               
 USD/AUD     0.6775  -0.001  -0.18%   -0.37%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 RSI 14, exponential
 (Reporting by Naveen Thukral; editing by Richard Pullin)
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