November 14, 2019 / 2:03 AM / a month ago

GRAINS-Soybeans firm, rebound from more than one-month low

SYDNEY, Nov 14 (Reuters) - U.S. soybean futures advanced on Thursday, rebounding from a more than one-month low touched in the previous session, though gains were checked by dwindling hopes for a trade deal between Washington and Beijing.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade were up 0.2% at $9.17 a bushel by 0133 GMT. The futures closed down 0.2% on Wednesday, when prices hit the Oct. 8 low of $9.14 a bushel.

* The most active corn futures were up 0.1% at $3.75-1/2 a bushel, having closed down 0.7% in the previous session.

* The most active wheat futures were unchanged at $5.09 a bushel, having closed down 1.5% on Wednesday.

* U.S.-China trade negotiations have ‘hit a snag’ over farm purchases, with China not wanting a deal that looks one-sided in the favour of the United States, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.

* U.S. President Donald Trump on Tuesday dangled the prospect of completing an initial trade deal with China “soon” but offered no new details on negotiations.

* The U.S. Department of Agriculture said after the markets closed on Tuesday that the U.S. corn harvest was 66% complete as of Sunday, behind expectations for 68% and the five-year average of 85%.

MARKET NEWS

* Doubts that securing a trade agreement between the United States and China is far from a done deal helped to lift safe-haven currencies such as the yen and the Swiss franc on Thursday, while pulling the yuan lower.

* Oil prices rose on Thursday, extending gains from the previous session, as an industry report showing a fall in U.S. crude stockpiles last week added to positive comments by the U.S. Federal Reserve head on the U.S. economy.

* The Dow Jones Industrial Average and the S&P 500 posted record closing highs on Wednesday, helped by a big jump in Walt Disney shares, but the Nasdaq fell as stocks were kept in check by fresh uncertainty over U.S.-China trade relations.

Reporting by Colin Packham; Editing by Aditya Soni

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