August 8, 2018 / 12:59 AM / 2 months ago

GRAINS-Soybeans fall from six-day high as trade war escalates

    SYDNEY, Aug 8 (Reuters) - U.S. soybeans fell on Wednesday,
retreating from a six-day high touched in the previous session,
as an escalation of a trade war between Washington and Beijing
threatened to crimp demand for supplies from the world's No. 1
exporter.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of
Trade were down 0.5 percent at $9.01-1/2 a bushel by 0039
GMT, having firmed 1.4 percent on Tuesday when prices touched
$9.08-1/2 a bushel - the highest since Aug 1.
    * The most active corn futures were down 0.1 percent
to $3.84 a bushel, having closed down 0.2 percent in the
previous session.
    * The most active wheat futures were up 0.3 percent
at$5.69-3/4 a bushel, having closed down 1.1 percent on Tuesday.
    * The United States will begin collecting 25 percent tariffs
on another $16 billion in Chinese goods on Aug. 23, the U.S.
Trade Representative's office said on Tuesday as it published a
final tariff list targeting 279 imported product lines.

    * China will release July commodities trade data later on
Wednesday, including soybean imports.
    * France's farm ministry on Tuesday reduced its estimate of
this year's French soft wheat harvest, underlining the impact of
high temperatures in Europe.
    * The U.S. Department of Agriculture will on Friday issue
its latest supply and demand reports, the first of the season to
include field surveys for U.S. crops.
    * Weeks of hot, dry weather in parts of the U.S. Midwest are
believed to be eroding yield potential for corn and soybeans,
although scattered showers are expected across the region this
week.
    * The USDA said on Monday that 67 percent of the soybean
crop is in good to excellent condition, below market
expectations of 69 percent. Corn was rated 71 percent good to
excellent, in line with forecasts.
         
    MARKET NEWS  
    * The U.S. dollar weakened against the euro on Tuesday as
the Chinese yuan showed more stability, after the greenback
reached an almost five-week high against the single currency on
Monday.  
    * Oil prices held steady on Wednesday, supported by a report
of rising U.S. crude inventories as well as the introduction of
sanctions against Iran.  
    * 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)
    * China     Trade data         July 
    
    * No fixed timings
    
 Grains prices at  0039 GMT
 Contract      Last  Change   Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat  569.75    1.50    +0.26%       -0.83%  518.03     71
 CBOT corn   384.00   -0.50    -0.13%       -0.32%  370.27     64
 CBOT soy    901.50   -4.25    -0.47%       +0.90%  876.09     61
 CBOT rice    10.90  -$0.01    -0.09%       -3.33%  $11.74     12
 WTI crude    69.20   $0.03    +0.04%       +0.28%  $70.50     49
 Currencies                                                      
 Euro/dlr    $1.160  $0.001    +0.04%       +0.42%               
 USD/AUD     0.7426   0.001    +0.08%       +0.54%               
 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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