October 30, 2018 / 1:37 AM / 9 months ago

GRAINS-U.S. soybeans fall to six-week low on USDA harvest report

    SYDNEY, Oct 30 (Reuters) - U.S. soybean futures fell on
Tuesday to hit a six-week low, as a USDA report putting
harvesting ahead of market expectations added to pressures from
abundant supplies and the U.S.-China trade dispute.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of
Trade fell 0.4 percent to $8.36 a bushel by 0113 GMT, the
lowest since Sept. 20. Soybeans fell 0.7 percent on Monday.
    * The most active corn futures were down 0.2 percent
to $3.66 a bushel, having closed down 0.3 percent in the
previous session.
    * The most active wheat futures were down 0.6 percent
at $5.04 a bushel, having closed up 0.4 percent on Monday. 
    * The USDA said 72 percent of the soybean crop has been
harvested, ahead of market forecasts.
    * U.S. soybean futures have come under pressure from
abundant supplies and worries about sluggish U.S. exports amid
the ongoing trade dispute with China.
    *  Brazilian farmers are likely to harvest another record
amount of soybeans in the 2018/19 season, as good weather fuels
expectations of a new bumper crop in the world's largest
exporter of the oilseeds.
    * The USDA said 63 percent of the U.S. corn crop has been
harvested, slightly behind market expectations.
         
    MARKET NEWS  
    * The dollar firmed against its rivals on Tuesday, supported
by a safe haven bid as rising trade tensions and fears of a
slowdown in global economic growth weighed on investors'
appetite for risk assets.  
    * Oil prices fell on Tuesday, dragged down by ongoing
weakness in global stock markets and by signs of rising global
supply despite looming sanctions on Iran's crude exports. 
    * U.S. stocks fell in a volatile session on Monday, with the
benchmark S&P 500 index ending close to confirming its second
correction of 2018, hurt by fresh worries about U.S.-China trade
policy tensions and a sharp drop in the big technology and
internet shares.  
    
    DATA AHEAD (GMT)
0630  France             Preliminary GDP                   Q3
0645  France             Consumer spending                 Sep
0855  Germany            Unemployment rate                 Oct
0900  Italy              Preliminary GDP                   Q3
1000  Euro zone          Preliminary GDP                   Q3
1000  Euro zone          Business climate                  Oct
1000  Euro zone          Consumer confidence final         Oct
1300  U.S.               S&P/Case-Shiller housing index    Aug
1300  Germany            Consumer prices                   Oct
1400  U.S.               Consumer confidence               Oct
        
 Grains prices at  0113 GMT
 Contract        Last   Change    Pct chg   Two-day chg     MA 30
 CBOT wheat    504.00    -3.25     -0.64%        -0.25%    513.91
 CBOT corn     366.00    -0.75     -0.20%        -0.48%    365.64
 CBOT soy      836.00    -3.00     -0.36%        -1.07%    856.64
 CBOT rice      10.63    $0.00     +0.00%        -2.74%    $10.69
 WTI crude      66.92   -$0.12     -0.18%        -0.99%    $71.23
 Currencies                                                      
 Euro/dlr      $1.138   $0.000     +0.04%        -0.23%          
 USD/AUD       0.7072    0.002     +0.24%        -0.31%          
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; editing by Richard Pullin)
  
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