January 7, 2019 / 2:15 AM / 6 months ago

GRAINS-Soybeans hit three-week high as U.S., China meet for trade talks

    SYDNEY, Jan 7 (Reuters) - U.S. soybean futures rose for a
fourth consecutive session on Monday to hit a three-week high as
optimism that Washington and Beijing can strike a comprehensive
trade deal buoyed prices. 
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of
Trade were up 0.2 percent to $9.23-3/4 a bushel by 0133
GMT, near the session high of $9.24 a bushel - the highest since
Dec 12. Soybeans firmed 1 percent on Friday.
    * The most active corn futures were down 0.1 percent
to $3.82-3/4 a bushel, having gained 0.9 percent in the previous
session when prices hit a high of $3.83-1/2 a bushel - the
highest since Dec 19.
    * The most active wheat futures were up 0.1 percent at
$5.17-1/2 a bushel, having closed up 0.6 percent on Friday. 
    * Soybeans buoyed as the United States and top global soy
buyer China to hold trade talks this week.
    * INTL FCStone cut its estimate of Brazil's soybean crop by
about 4 million tonnes to 116.25 million tonnes due to a drought
affecting some areas.
    * Wheat draws support from projections for a drop in U.S.
winter wheat plantings compared to a year ago.
    * Private analytics firm IEG Vantage, formerly known as
Informa Economics IEG, estimated U.S. winter wheat seedings for
the 2019 harvest at 31.513 million acres, down from the 32.535
million acres the U.S. Department of Agriculture said farmers
planted a year earlier. 
         
    MARKET NEWS  
    * The dollar weakened against its peers on Monday, as
investors wagered that the Federal Reserve would put its policy
tightening on pause in 2019, which eased market concerns about a
slowing for U.S. growth.  
    *  Oil prices rose by around 1 percent on Monday, lifted by
optimism that talks could soon resolve the trade war between the
United States and China, while supply cuts by major producers
also supported the market.  

    DATA/EVENTS
0700         Germany   Industrial orders           Nov
0700         Germany   Retail Sales                Nov
0930         EU        Sentix Index                Jan 
1000         EU        Retail sales                Nov
1500         U.S.      Employment Trends           Dec
1500         U.S       Factory orders              Nov
1500         U.S.      ISM Non-Manufacturing PMI   Dec
        
 Grains prices at  0133 GMT
 Contract        Last    Change    Pct chg  Two-day chg     MA 30
 CBOT wheat    517.50      0.50     +0.10%       +0.73%    518.16
 CBOT corn     382.75     -0.25     -0.07%       +0.79%    379.03
 CBOT soy      923.75      2.25     +0.24%       +1.21%    909.42
 CBOT rice      10.48     $0.00     +0.00%       +0.34%    $10.67
 WTI crude      48.46     $0.50     +1.04%       +2.91%    $49.20
 Currencies                                                      
 Euro/dlr      $1.141    $0.002     +0.17%       +0.18%          
 USD/AUD       0.7125     0.001     +0.18%       +1.71%          
 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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