December 24, 2019 / 12:12 PM / a month ago

GRAINS-Soy slips from 6-week top; corn and wheat rangebound ahead of holiday

 (Updates prices, adds detail)
    By Emily Chow and Sybille de La Hamaide
    SHANGHAI/PARIS, Dec 24 (Reuters) - U.S. soybeans fell on
Tuesday, slipping from a six-week high hit in the previous
session, as expectations of top consumer China ramping up soy
purchases following an announcement of a Phase 1 China-U.S.
trade deal stoked demand concerns. 
    The most active soybeans contract was down 0.5% at
$9.25-1/4 a bushel around 1151 GMT, and was in line to snap a
two-session rally.
    China and the United States struck a so called "Phase 1"
trade deal that includes a commitment by Beijing to increase
purchases of U.S. agricultural products. 
    China's top agriculture consultancy said last week that the
country will make good on a pledge to buy more than $40 billion
of American farm goods.
    Corn and wheat, however, remained rangebound ahead of a
public holiday on Wednesday.    
    The most active wheat contract was up 0.2% on Tuesday
at $5.40-1/2 a bushel, while the most active corn futures
contract was up 0.1% at $3.88-1/2 a bushel.
    The U.S. Department of Agriculture reported on Monday that
exporters sold 126,000 tonnes of soybeans for delivery to China
during the 2019/2020 marketing year, while also changing
destinations of 220,500 tonnes of soybeans to Netherlands and
Saudi Arabia.
    Meanwhile, export prices for Russian wheat rose for a sixth
straight week last week due to a stronger rouble against the
dollar and demand ahead of Russia's New Year
holiday, analysts said.
    Russian state-controlled grain trader United Grain Company
(UGC) has drafted a new strategy aimed at increasing its own
grain purchases and trade to 8 million tonnes a year by 2024,
Russian daily the Kommersant reported on Monday.
    Morocco will suspend customs duty on soft wheat from Jan. 2
to April 30 to ensure regular supplies and stable prices in the
domestic market, according to a draft decree seen by Reuters on
Tuesday. The suspension of the 35% customs duty will be
officially announced after a government meeting on Thursday.

        
 Prices at 1151 GMT                                               
                              Last  Change     Pct     End     Ytd
                                              Move    2018     Pct
                                                              Move
  CBOT wheat                540.50    1.00    0.19  503.25    7.40
  CBOT corn                 388.50   -0.25   -0.06  375.00    3.60
  CBOT soy                  929.25   -4.75   -0.51  895.00    3.83
  Paris wheat Mar           187.00    0.00    0.00  191.25   -2.22
  Paris maize Jan           162.00    0.50    0.31  175.25   -7.56
  Paris rape Feb            409.00    0.00    0.00  364.00   12.36
  WTI crude oil              60.65    0.13    0.21   45.41   33.56
  Euro/dlr                    1.11    0.00   -0.12  1.1469   -3.45
 Most active contracts - Wheat, corn and soy US cents/bushel,
 Paris futures in euros per tonne
 
         

 (Reporting by Emily Chow, additional reporting by Sybille de La
Hamaide; Editing by Rashmi Aich and Louise Heavens)
  
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