March 12, 2018 / 2:34 AM / in 6 months

GRAINS-Soybeans firm, rebound from two-week low on fears for Chinese demand

    * China could retaliate against tariffs through soybeans
    * Corn falls for second straight session
    * Wheat edges lower 

    By Colin Packham
    SYDNEY, March 12 (Reuters) - U.S. soybean futures edged
higher on Monday, rebounding from a more than two-week low
touched earlier in the session, though gains were capped by
fears of a potential fall in demand for North American supplies
by China as a trade war escalates.
    Corn fell 0.5 percent to extend losses into a second
straight session, while wheat also edged lower.
    The most active soybean futures on the Chicago Board Of
Trade were up 0.1 percent to $10.40-1/2 a bushel by 0209
GMT, having earlier hit a low of $10.32 a bushel - the lowest
since Feb 21. Soybeans fell 2.3 percent on Friday. 
    "The threat of China retaliating after higher U.S. tariffs
via soybeans has became more vivid," said Tobin Gorey, director
of agricultural strategy, Commonwealth Bank of Australia.
    Chinese officials have said U.S. soybeans are a prime target
for retaliation against tariffs imposed by the Trump
administration on steel and aluminium imports, the American
Soybean Association said.
    The most active wheat futures were down 0.3 percent to
$4.88 a bushel, having closed down 2 percent on Friday.
    The most active corn futures were down 0.6 percent to
$3.88-1/4 a bushel, having closed down 0.8 percent in the
previous session.
    The U.S. Department of Agriculture in a monthly supply and
demand report on Thursday cut projected U.S. corn stocks by more
than expected on the back of healthy exports and ethanol demand.
    The USDA raised its outlook for global wheat inventory at
the end of 2017/18 to a record. High world supplies were
countering support from drought in parts of the Plains.

        
 Grains prices at  0209 GMT
 Contract       Last  Change  Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat   488.00   -1.25   -0.26%       -2.25%   477.01    57
 CBOT corn    388.25   -2.25   -0.58%       -1.33%   376.86    65
 CBOT soy    1040.50    1.25   +0.12%       -2.21%  1031.05    34
 CBOT rice     12.31  -$0.03   -0.20%       -1.01%   $12.44    46
 WTI crude     62.25   $0.21   +0.34%       +3.54%   $62.31    52
 Currencies                                                      
 Euro/dlr     $1.232  $0.001   +0.09%       +0.05%               
 USD/AUD      0.7863   0.001   +0.18%       +0.95%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Sunil Nair)
  
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