November 16, 2018 / 1:55 AM / 24 days ago

GRAINS-U.S. soybean prices steady amid hopes for U.S.-China trade talks

MANILA, Nov 16 (Reuters) - U.S. soybean futures steadied on Friday after two days of gains, supported by expectations that the United States and top soybean buyer China, now tied in a tit-for-tat tariff war, will resume trade talks.

Corn futures were similarly little changed, while wheat was marginally higher.

FUNDAMENTALS

* Soybeans for January delivery on the Chicago Board of Trade were nearly flat at $8.88-1/4 a bushel by 0140 GMT.

* An expected meeting between U.S. President Donald Trump and Chinese President Xi Jinping on the sidelines of a G20 summit in Argentina in two weeks has raised hopes of a thawing in relations between the world’s two largest economies.

* But China’s written response to U.S. demands for trade reforms is unlikely to trigger a breakthrough at the talks, a senior Trump administration official told Reuters.

* U.S. oilseed processors crushed a record volume of soybeans in October, while soyoil stocks declined for a sixth straight month, the National Oilseed Processors Association said.

* Singapore-listed commodity trader Wilmar International Ltd may invest in soybean production and processing and transhipment of soybean concentrates in Russia’s Far East.

* China’s agricultural ministry said it had confirmed a new African swine fever outbreak on a farm of 40 pigs in Yibin city, in the southwest province of Sichuan.

* Chicago wheat gained 0.3 percent to $5.06-3/4 a bushel and corn was flat at $3.67-1/4.

MARKETS NEWS

* The British pound suffered its biggest one-day loss against the euro since October 2016 after a bout of political turmoil fanned fears the country could crash out of the European Union without a divorce deal. Hopes for a thaw in Sino-U.S. trade relations boosted Asian equities.

DATA/EVENT AHEAD (GMT)

0700 Germany Wholesale price index Oct

0900 Italy Industrial orders Sep

0830 European Central Bank President Draghi speaks

1415 U.S. Industrial production Oct (Reporting by Manolo Serapio Jr. Editing by Joseph Radford)

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