November 28, 2018 / 2:25 AM / in 13 days

GRAINS-Wheat edges away from one-week low, soybean prices steady

    SYDNEY, Nov 28 (Reuters) - U.S. wheat futures on Wednesday
inched away from a one-week low touched in the previous session,
although ample global supplies kept price gains in check.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board of
Trade were up 0.3 percent at $5.07-3/4 a bushel by 0140
GMT. They closed down 1.5 percent on Tuesday, after hitting
their lowest since Nov. 20 at $5.04 a bushel.
    * The most active soybean futures were unchanged at
$8.75-1/2 a bushel, having firmed 1.5 percent on Tuesday.
    * The most active corn futures were down 0.1 percent
at $3.76-1/4 a bushel, after gaining 0.1 percent in the previous
session.
    * Soybeans prices remain under pressure as the U.S.-China
trade war shows little sign of abating.
    * The focus in soy markets was on the G20 summit in
Argentina this week, where U.S. President Donald Trump is
expected to meet with China's Xi Jinping for the first time
since the world's two largest economies imposed tariffs on each
other's imports.
    * Trump is prepared to hike tariffs on Chinese imports if
there is no breakthrough, White House economic adviser Larry
Kudlow said.
    * Trump said on Tuesday he may cancel his scheduled meeting
with Russian President Vladimir Putin at the summit because of
Russia's maritime clash with Ukraine, which has stoked fears
that Black Sea shipments could be impeded.
    * SovEcon, a Russian agricultural consultancy, raised its
forecast of Russia's 2018/19 wheat exports to 34.7 million
tonnes, from 34.2 million previously. Russia is the world's top
wheat exporter.
         
    MARKET NEWS  
    * The U.S. dollar hit two-week highs on Tuesday after
Federal Reserve Vice Chair Richard Clarida backed further
interest rate hikes, taking a less dovish stance than some
investors had anticipated.  
    * Oil prices rose on Wednesday ahead of an OPEC meeting next
week at which the producer club is expected to decide some form
of supply cut to counter an emerging glut.  
    * The S&P 500 and the Dow Jones Industrial Average edged
higher on Tuesday.  
    
    DATA/EVENT AHEAD (GMT)
0700   Germany            GfK consumer sentiment          Dec
0900   Italy              Producer prices                 Oct
0900   Euro zone          Money supply, bank lending      Oct
1330   U.S.               GDP 2nd estimate                Q3
1330   U.S.               Wholesale inventories           Oct
1500   U.S.               New home sales                  Oct
1700   Federal Reserve Chairman Jerome Powell speaks before     
          the Economic Club of New York Signature Luncheon 
        
 Grains prices at  0140 GMT
 Contract        Last    Change    Pct chg   Two-day chg    MA 30
 CBOT wheat    507.75      1.25     +0.25%        -1.22%   513.19
 CBOT corn     356.25     -0.25     -0.07%        +0.07%   366.48
 CBOT soy      875.50      0.00     +0.00%        +1.54%   875.22
 CBOT rice      10.84    -$0.01     -0.05%        +0.84%   $10.82
 WTI crude      51.84     $0.28     +0.54%        +0.41%   $61.10
 Currencies                                                      
 Euro/dlr      $1.129    $0.000     +0.01%        -0.33%         
 USD/AUD       0.7226     0.000     +0.04%        +0.08%         
 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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