November 26, 2019 / 2:20 AM / 16 days ago

GRAINS-Wheat eases from 1-month top, soybeans tick up after 4 sessions of losses

    SINGAPORE, Nov 26 (Reuters) - Chicago wheat futures slid on
Tuesday, giving up some of the previous session's gains which
drove the market to its highest in more than a month on
potentially tighter world supplies.
    Soybeans edged higher after four sessions of losses, while
corn fell after closing marginally higher on Monday.
    
    FUNDAMENTALS
    * The most-active wheat contract on the Chicago Board Of
Trade (CBOT) lost 0.4% to $5.31 a bushel by 0150 GMT,
after hitting its highest since Oct. 21 at $5.34-3/4 a bushel on
Monday. 
    * Soybeans added 0.2% to $8.94-1/2 a bushel and corn
 gave up 0.3% to $3.69-1/4 a bushel. 
    * The wheat market has been supported in recent days on a
mix of fund-driven short-covering and bullish fundamentals,
including rising cash values for U.S. and Russian supplies, wet
weather in Europe and fears of a decline in U.S. acreage.
    * The slow pace of the U.S. corn and soybean harvest this
autumn may have limited the number of winter wheat acres planted
for harvest in 2020.
    * Analysts also noted weather issues, including dry
conditions in Russia and excessive moisture elsewhere.
    * After the CBOT closed on Monday, the U.S. Department of
Agriculture rated 52% of the U.S. winter wheat crop in good to
excellent condition, unchanged from a week earlier. Analysts
surveyed by Reuters on average had expected a decline of 1
percentage point.
    * In the soybean market, the focus is on trade talks between
Washington and Beijing.
    * China and the United States are "moving closer to
agreeing" on a "phase one" trade deal, the Global Times, a
tabloid run by the ruling Communist Party's official People's
Daily, reported on Sunday.
    * But the report noted that Washington and Beijing had not
agreed on specifics or size of rollbacks of tariffs on Chinese
goods. Beijing's insistence that Washington roll back the Trump
administration's tariffs has been a major sticking point.
    * 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.
    
    MARKET NEWS
    * Asian stocks rose as an apparent olive branch from Beijing
in trade talks with Washington added to other recent signs of
progress, fuelling a rally in Wall Street's main benchmarks to
record highs.
    
 Grains prices at 0150 GMT
 Contract    Last    Change   Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  531.00  -2.00    -0.38%   +3.71%       517.18  67
 CBOT corn   369.25  -1.25    -0.34%   +0.20%       380.93  37
 CBOT soy    894.50  2.00     +0.22%   -0.72%       928.76  32
 CBOT rice   12.20   $0.01    +0.04%   -0.37%       $12.03  71
 WTI crude   57.98   -$0.03   -0.05%   -1.02%       $56.02  
 Currencies                                                 
 Euro/dlr    $1.101  -$0.001  -0.12%   -0.43%               
 USD/AUD     0.6780  -0.001   -0.09%   -0.06%               
 
 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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