February 13, 2019 / 4:19 AM / 3 months ago

GRAINS-U.S. soybean futures edge up amid trade deal hopes

    * U.S.-China trade deal hopes buoy soybean prices 
    * Corn markets fall, wheat steady 

    By Colin Packham
    SYDNEY, Feb 13 (Reuters) - U.S. soybean futures on Wednesday
inched back towards a five-day high hit the day before, buoyed
by hopes of deal to end a trade dispute between Washington and
Beijing.
    Corn prices fell after gaining 1.5 percent in the previous
session, while wheat was little changed.
    The most active soybean futures on the Chicago Board of
Trade were up 0.2 percent at $9.19 a bushel by 0347 GMT.
They had firmed 1.4 percent on Tuesday, when prices marked their
strongest since Feb. 7 at $9.19-3/4 a bushel.
    Analysts said the market continued to draw support from
hopes of a breakthrough in trade talks between the United States
and China.
    "Apart from the good faith Chinese buying. The market has
got excited about a deal based on not very much information,"
said Phin Ziebell, agribusiness analyst, National Australia
Bank.
    Elsewhere, Brazil's agriculture statistics agency, Conab,
lowered its estimate of the country's soybean crop to 115.3
million tonnes, from 118.8 million in January.
    The most active wheat futures were down 0.1 percent at
$5.19-1/4 a bushel, having closed up 0.3 percent on Tuesday.
    The most active corn futures were down 0.2 percent at
$3.77-1/2 a bushel, having gained 1.5 percent in the previous
session.
        
 Grains prices at  0344 GMT
 Contract       Last  Change  Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat   519.50   -0.50   -0.10%       +0.24%  518.13     49
 CBOT corn    378.00   -0.25   -0.07%       +1.41%  378.35     51
 CBOT soy     919.00    1.50   +0.16%       +1.55%  914.41     55
 CBOT rice     10.29   $0.04   +0.39%       +0.19%  $10.58     31
 WTI crude     53.70   $0.60   +1.13%       +2.46%  $52.15     58
 Currencies                                                      
 Euro/dlr     $1.134  $0.002   +0.13%       +0.57%               
 USD/AUD      0.7128   0.003   +0.49%       +0.98%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 

 (Reporting by Colin Packham; Editing by Joseph Radford)
  
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