October 28, 2019 / 1:09 AM / 25 days ago

GRAINS-Soybeans rebound from 2-week low, U.S. harvest caps gains

    SYDNEY, Oct 28 (Reuters) - U.S. soybean futures edged higher
on Monday, rebounding from a two-week low hit in the previous
session, though expectations that mild weather conditions will
aid North American farmers in sowing crops capped further gains.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of
Trade were up 0.4% at $9.23-3/4 a bushel, as of 0016 GMT,
having closed down 1.4% on Friday when prices hit an Oct. 10 low
of $9.19-1/2 a bushel.
    * The most active corn futures were down 0.1% at
$3.86-1/4 a bushel, having closed unchanged in the previous
session.
    * The most active wheat futures were little changed at
$8.81-3/4 a bushel, having closed up 0.3% on Friday. 
    * Soybeans were under pressure as U.S. harvest advances.
    * U.S. and Chinese officials are "close to finalising" some
parts of a trade agreement after high-level telephone
discussions on Friday, the U.S. Trade Representative's office
and China's Commerce Ministry said, with talks to continue.

    * Argentina's presidential election on Sunday is being
monitored to see if it changes export tax policy in the major
wheat, corn and soybean supplier in the midst of an economic
crisis.
         
    MARKET NEWS  
    * The dollar strengthened on Friday after U.S. and Chinese
trade officials neared finalizing parts of the Phase 1 trade
pact, according to the U.S. Trade Representative's office.
  
    * Oil prices rose on Friday, registering the strongest
weekly gains in more than a month as support from optimism over
a U.S.-China trade deal, falling U.S. crude stocks and possible
action from OPEC to extend output cuts outweighed broader
economic concerns.  
    
 Grains prices at 0016 GMT
 Contract      Last   Change   Pct chg  Two-day chg   MA 30  RSI
 CBOT wheat  515.25    -2.50    -0.48%       -0.15%  500.44   52
 CBOT corn   386.25    -0.50    -0.13%       -0.13%  384.57   43
 CBOT soy    923.75     3.50    +0.38%       -1.02%  914.61   44
 CBOT rice    12.04   -$0.02    -0.12%       +0.46%  $12.19   42
 WTI crude    56.74    $0.08    +0.14%       +0.91%  $55.03   72
 Currencies                                                     
 Euro/dlr    $1.108   $0.000    +0.03%       -0.21%             
 USD/AUD     0.6821    0.000    -0.01%       +0.06%             
 Most active contracts
 Wheat, corn and soy US cents/bushel.
 Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham, Editing by Sherry Jacob-Phillips)
  
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