November 19, 2019 / 12:51 PM / 22 days ago

GRAINS-Corn and soybeans bounce, wheat also firm

* Corn sees buying interest after Monday’s two-month low

* Slowness of U.S. corn harvest supports

* Soybeans also bounce from seven-week lows

* Uncertainty over U.S.-China trade deal caps gains (Recasts with European trade, adds new comment, changes dateline)

By Michael Hogan

HAMBURG, Nov 19 (Reuters) - Chicago corn rose on Tuesday on buying interest after hitting a two-month low on Monday, with the slow pace of U.S. harvesting lending support.

Soybeans also rose on bargain-hunting after hitting a seven-week low on Monday, while firmer Black Sea prices helped support wheat. Gains were limited by renewed doubts over an imminent U.S.-China trade deal.

Chicago Board of Trade most active corn was up 0.2% at $3.68-1/2 a bushel at 1237 GMT, after dropping to its lowest since Sept. 18 at $3.67-1/2 a bushel on Monday.

Soybeans rose 0.1% to $9.11-3/4 a bushel after dropping to a seven-week low of $9.10 a bushel on Monday. Wheat was up 0.1% at $5.08 a bushel.

“Corn and soybeans are seeing a bounce upwards today on buying interest after their falls on Monday,” said Matt Ammermann, commodity risk manager with INTL FCStone. “The U.S. corn harvest progress assessed by the USDA (U.S. Department of Agriculture) on Monday was a little slower than anticipated and remains well below average. But this was not a major surprise.”

“Globally, U.S. corn is not looking competitive in export markets and this is limiting rises.”

The USDA said after the market close on Monday the U.S. corn harvest was 76% complete, below analysts’ forecasts of 77% and well below the five-year average of 92%.

The USDA said the U.S. soybean harvest was 91% finished, the same as expected by analysts but below the five-year average of 95%

Doubts over a U.S.-China trade deal supported a risk-avoidance mood.

A CNBC report said mood in the Chinese government was pessimistic about a trade deal due to U.S. President Donald Trump’s reluctance to roll back tariffs, dampening sentiment among global investors.

“Most participants have given up watching that deal as it is on and then off again,” said Ole Houe of brokerage IKON Commodities. “Prices will be range-bound until we can find some real new news.”

Chinese state media had said Washington and Beijing held “constructive talks” on trade in a high-level phone call on Saturday that included Vice Premier Liu He, U.S. trade representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.

“Wheat is drifting without major news but with firmer Black Sea cash markets giving some support,” Ammermann said. “Russian cash wheat prices have risen in the past week which is positive for Russia’s rival exporters including the United States.” (Reporting by Michael Hogan; Additional reporting by Naveen Thukral; Editing by Mark Potter)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below