October 17, 2019 / 1:30 AM / a month ago

GRAINS-Soybeans firm after two days of falls, eyes on U.S.-China

    SYDNEY, Oct 17 (Reuters) - U.S. soybean futures edged higher
for the first time in three sessions on Thursday, although gains
were checked as traders waited for more clarity on trade
negotiations between Washington and Beijing.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of
Trade were up 0.1% at $9.28-3/4 a bushel by 0102 GMT,
having closed down 0.6% on Wednesday.
    * The most active corn futures were little changed
at$3.92 a bushel, having closed down 0.4% in the previous
session.
    * The most active wheat futures were up 0.4% at
$5.15-1/2 a bushel, having closed up 1.2% on Wednesday. 
    * Traders are looking for fresh Chinese demand for U.S.
agricultural products. U.S. President Donald Trump said on
Friday that China had agreed to purchase $40 billion to $50
billion worth of U.S. agricultural goods in a first phase of an
agreement to end a 15-month trade war.
    * But China would make the purchases only if Trump rolls
back levies put in place since the trade war began, Bloomberg
reported on Tuesday, citing people familiar with the matter.

    * The U.S. Department of Agriculture late on Tuesday said
the U.S. corn harvest was 22% complete and the soybean harvest
was 26% complete.
         
    MARKET NEWS  
    * The euro got off to an unusually quiet start in Asia on
Monday, having posted its worst weekly performance in three
months, as investors await more developments and ratings
downgrades from Europe.  
    * Oil edged lower in volatile trading on Friday, posting a
second consecutive weekly loss as caution about Europe's debt
crisis and year-end positioning continued to spark selling into
rallies.  
    * A rally in U.S. stocks fizzled, leaving major indexes with
modest gains on Friday, as Wall Street was torn between hope
that U.S. economic data signals better times ahead and fear
Europe's debt crisis will engulf world economies.  
    
    DATA/EVENTS (GMT)
0830   UK    Retail Sales MM, YY        Sept
0830   UK    Retail Sales Ex-Fuel MM    Sept
1230   US    Housing Starts Number      Sept
1230   US    Initial Jobless Claims     Weekly
1230   US    Philly Fed Business Index  Oct
1315   US    Industrial Production MM   Sept
       
 Grains prices at  0102 GMT
 Contract      Last  Change  Pct chg  Two-day chg    MA 30   RSI 
 CBOT wheat  515.50    2.25   +0.44%       +1.68%   490.46     71
 CBOT corn   392.00    0.25   +0.06%       -0.32%   378.73     58
 CBOT soy    928.75    0.75   +0.08%       -0.56%   902.38     64
 CBOT rice    11.98   $0.00   +0.00%       -0.08%   $12.02     55
 WTI crude    52.88  -$0.48   -0.90%       +0.13%   $55.44     42
 Currencies                                                      
 Euro/dlr    $1.108  $0.001   +0.10%       +0.45%                
 USD/AUD     0.6787   0.003   +0.46%       +0.52%                
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; editing by Richard Pullin)
  
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