November 14, 2019 / 3:47 AM / 23 days ago

GRAINS-Soybeans recover from 1-month low, wheat eases for 2nd session

    * Soybeans tick higher after dropping to lowest since Oct. 8
    * U.S.-China trade deal hopes fade, pressure on soybean
prices

 (Adds details, quote)
    By Naveen Thukral
    SINGAPORE, Nov 14 (Reuters) - Chicago soybeans edged up on
Thursday, with bargain buying driving the market higher after
prices dropped to a one-month low on dwindling hopes for a trade
deal between Washington and Beijing.
    Wheat slid for a second session, weighed down by ample world
supplies, while corn ticked up after closing lower in the last
session.
    The most-active soybean contract on the Chicago Board Of
Trade was up 0.1% at $9.16-1/2 a bushel by 0330 GMT. The
market on Wednesday dropped to its lowest since Oct. 8 at
$9.13-1/2 a bushel.
    Corn was up 0.1% at $3.75-3/4 a bushel, having closed
down 0.7% in the previous session and wheat slid 0.1% to
$5.08-3/4 a bushel, having lost 1.5% on Wednesday.
    "There is a lot of uncertainty over the trade deal," said
Phin Ziebell, agribusiness economist at National Australia Bank.
    "Chinese demand for agriculture products is going to be
impacted by the African swine fever."
    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 said 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.
    After markets closed on Tuesday, the U.S. Department of
Agriculture said the U.S. corn harvest was 66% complete by
Sunday, although behind expectations for 68% completion, and the
five-year average of 85%.
    Abundant world supplies are keeping pressure on wheat
prices, even though there are concerns about a cold snap in the
U.S. plains.
    Farm office FranceAgriMer on Wednesday increased its
forecast of French soft wheat exports for a second month in a
row, adding to expectations that France is benefiting from a big
harvest and reduced Russian competition for overseas markets. 
    In monthly supply and demand estimates for major cereals,
FranceAgriMer pegged French soft wheat shipments outside the
European Union this season at 12.0 million tonnes, up from 11.7
million projected last month, and a new four-year high.

    Commodity funds were net sellers of CBOT corn, wheat,
soybean and soyoil futures contracts on Wednesday, and net
buyers of soymeal futures, traders said.

 Grains prices at 0330 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  508.75  -0.25   -0.05%   -1.60%       510.95  47
 CBOT corn   375.75  0.50    +0.13%   -0.53%       386.11  37
 CBOT soy    916.50  1.25    +0.14%   -0.05%       936.98  31
 CBOT rice   11.92   $0.00   -0.04%   -0.42%       $12.04  46
 WTI crude   57.45   $0.33   +0.58%   +1.14%       $55.08  
 Currencies                                                
 Euro/dlr    $1.100  $0.000  -0.04%   -0.05%               
 USD/AUD     0.6798  -0.004  -0.57%   -0.61%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
 
 (Reporting by Naveen Thukral; Editing by Clarence Fernandez)
  
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