November 27, 2019 / 2:05 AM / 19 days ago

GRAINS-U.S. soybeans tick up after deep losses, S.American competition caps gains

    SINGAPORE, Nov 27 (Reuters) - Chicago soybean futures edged
higher on Wednesday, with bargain buying supporting prices after
five consecutive sessions of falls to a two-month low, although
stiff competition from South America limited gains.
    Corn and wheat futures gained ground in early Asian trade.
    
    FUNDAMENTALS
     * The most-active soybean contract on the Chicago Board Of
Trade (CBOT) climbed 0.3% to $8.86-1/2 a bushel by 0141
GMT, after hitting its weakest since Sept. 27 at $8.83 a bushel
in the previous session.
    * Wheat gained 0.1% to $5.31-1/2 a bushel, while corn
 rose 0.1% to $3.67-3/4 a bushel.
    * Chinese buyers scooped up at least 20 cargoes of Brazilian
soybeans last week as uncertainty over a trade deal with the
United States sent them rushing to lock in supplies, traders
said on Monday.
    * Improving South American crop weather also weighed on
futures by bolstering soy production prospects for Brazil and
Argentina.
    * The United States and China are close to agreement on the
first phase of a trade deal, U.S. President Donald Trump said on
Tuesday, after top negotiators from the two countries spoke by
telephone and agreed to keep working on remaining issues.

    * China is the world's biggest soybean importer and the
United States has lost business since the trade war started last
year. 
    * Brazilian corn exports are forecast to reach a record 41
million tonnes in 2019, according to grain exporter group Anec,
bolstered by a weaker local currency and favourable Chicago
prices after bad weather affected the U.S. crop.
    * If confirmed, Brazilian exports will have grown by 80%
from last year's level of 22.8 million tonnes, according to Anec
data. The previous Brazilian corn export record was set in 2015,
when the country shipped 30.7 million tonnes, Anec said.
    * Commodity funds were net sellers of CBOT corn, soybean,
soymeal and soyoil futures contracts on Tuesday and net even in
wheat futures, traders said.
    
    DATA/EVENTS (GMT)
1330  US    Durable Goods             Oct
1330  US    GDP 2nd Estimate          Q3
1330  US    Initial Jobless Claims    Weekly
1500  US    Consumption, Adjusted MM  Oct  
1900  US    Federal Reserve issues Beige Book of economic
condition
    
    MARKET NEWS
    * Asian shares ticked higher as more upbeat signals from
Sino-U.S. trade talks fanned hopes of an imminent end to tariff
hostilities, which helped offset concerns about a slowing U.S.
economy.
    
 Grains prices at 0141 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  531.50  0.50    +0.09%   -0.28%       518.46  67
 CBOT corn   367.75  0.25    +0.07%   -0.74%       379.32  34
 CBOT soy    886.50  2.25    +0.25%   -0.67%       924.62  25
 CBOT rice   12.24   -$0.01  -0.04%   +0.33%       $12.03  72
 WTI crude   58.20   -$0.21  -0.36%   +0.33%       $56.37  
 Currencies                                                
 Euro/dlr    $1.102  $0.000  -0.03%   +0.02%               
 USD/AUD     0.6785  0.000   -0.03%   +0.12%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
 
 (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)
  
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