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Naveen Thukral

GRAINS-Wheat faces 4th week of decline on ample world supplies

3:23am GMT

* Wheat futures down nearly 5% in 4 weeks of decline * U.S. wheat failing to win business on stiff competition * Uncertainty over U.S.-China trade deal weigh on beans (Adds details, quote) By Naveen Thukral SINGAPORE, Nov 15 Chicago wheat futures were on track on Friday for their fourth week of decline, with stiff competition from the Black Sea region hitting U.S. sales in the global market. Soybeans and corn were poised for a second week of decline amid uncertainty over a U.S.-China trade deal. The most-active wheat contract on the Chicago Board Of Trade is down 0.6% this week, taking the losses in four weeks to nearly 5%. For the week, soybean has given up 1.6%, while corn is down 0.4%. U.S. wheat futures are facing headwinds amid ample global supplies and signs of renewed competition from Russian wheat after a relatively slow start to the country's export season. Egypt's state grain buyer, the General Authority for Supply Commodities, said it bought 465,000 tonnes of Russian and Ukrainian wheat in an international purchase tender for shipment Jan. 5-15. No U.S. wheat was offered in the tender. "U.S. wheat is uncompetitive in most markets," said one Singapore-based grains trader at an international trading company. "Some Asian buyers are taking U.S. wheat and it is just because they take U.S. wheat." The soybean market is focussed on U.S.-China trade deal. The world's two largest economies are trying to finalise a limited deal that focuses largely on increased Chinese purchases of American farm products and the opening of China's financial services market. The United States is getting close to a trade agreement with China, White House economic adviser Larry Kudlow said on Thursday, citing what he called very constructive discussions with Beijing. U.S. agricultural exports to China have suffered over the past year after Beijing in 2018 imposed steep retaliatory tariffs on American soybeans and other farm goods as part of the trade war. The U.S. Department of Agriculture said on Thursday that China bought 129,000 tonnes of U.S. soybeans for delivery during the current marketing year, the first deal for farm products to China the government has reported in a week. Commodity funds were net buyers of CBOT corn, soybean and soyoil futures contracts on Thursday, and net sellers of wheat and soymeal futures, traders said. Grains prices at 0308 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 507.25 -0.50 -0.10% -1.89% 510.90 45 CBOT corn 375.75 0.00 +0.00% -0.53% 386.11 36 CBOT soy 916.75 0.00 +0.00% -0.03% 936.98 29 CBOT rice 11.82 -$0.03 -0.21% -1.21% $12.04 41 WTI crude 57.08 $0.31 +0.55% -0.07% $55.20 Currencies Euro/dlr $1.103 $0.002 +0.18% +0.17% USD/AUD 0.6793 -0.004 -0.64% -0.69% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral; editing by Uttaresh.V and Shailesh Kuber)

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

14 Nov 2019

* 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 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)

GRAINS-Soybeans firm on slow U.S. harvest pace, wheat eases after rally

13 Nov 2019

* Soybeans rise as last phase of U.S. harvest faces weather threat * Concerns over delay in U.S.-China trade deal cap gains * Wheat dips after rally, concerns over cold snap in U.S. Plains (Adds details, quote) By Naveen Thukral SINGAPORE, Nov 13 Chicago soybean futures edged up on Wednesday as a slow pace of U.S. harvest supported prices, although worries that U.S.-China trade talks are stalling kept a lid on the market. Wheat slid after climbing more than 2% on Tuesday amid concerns over a crop-threatening cold snap in the U.S. Plains. The most-active soybean contract on the Chicago Board Of Trade was up 0.2% at $9.18-1/2 a bushel by 0358 GMT. Prices had closed little changed on Tuesday after hitting the Oct. 8 low of $9.15 a bushel. Wheat was down 0.3% at $5.15-1/2 a bushel, having closed up 2.2% on Tuesday and corn lost 0.1% at $3.77-1/4 a bushel, having gained 1.2% in the previous session. "Soybeans are finding support due to the tail-end of harvest delays, although risk is actually bigger to the corn crop," said Ole Houe, director of advisory services at brokerage IKON Commodities in Sydney. "We are still unsure about the U.S.-China trade deal, but seems like it is inching closer." The U.S. Department of Agriculture (USDA) said the soybean harvest was 85% complete, behind analysts' forecasts and below the average pace of 92%. The corn harvest was at 66% complete, behind expectations and lower than a five-year average of 85%, the agency said after the market closed on Tuesday. It said 54% of the winter wheat crop is in good to excellent condition, lagging behind forecasts of a steady rating of 57%. Temperatures dropped to near zero Fahrenheit (-18 Celsius) in wheat-growing areas of the U.S. Plains, including in western Kansas, according to a daily weather report from the USDA. But analysts said it might too early to get worried about the U.S. winter crop which will be harvested in the middle of next year. "Wheat had a bit of an unmotivated rally as it was too early to have real concerns about the cold weather," Houe said. "Global prices eased a couple of dollars last week, so no reason for U.S. futures to run up." The USDA separately reported 528,875 tonnes of U.S. wheat were inspected for export in the week ended Nov. 7. That was slightly above analysts' estimates for 300,000 to 500,000 tonnes. 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. Commodity funds were net buyers of CBOT corn, wheat, soybean and soymeal futures contracts on Tuesday, and net sellers of soyoil futures, traders said. (Reporting by Naveen Thukral; Editing by Himani Sarkar)

GRAINS-Corn rises from 1-1/2 month low, lower U.S. exports in focus

12 Nov 2019

* Corn futures rise after dropping to weakest since end-Sept * Slower pace of U.S. exports to keep lid on prices * Soybeans tick up, slow progress in U.S.-China trade deal weighs (Adds details, quote) By Naveen Thukral SINGAPORE, Nov 12 Chicago corn futures on Tuesday recovered from a one-and-half month low hit in the last session, though gains were capped due to a slow pace of U.S. exports this year. Soybeans edged higher after dropping to a five-week low on Monday, with slow progress in signing of a trade deal between Washington and Beijing weighing on prices. The most-active corn contract on the Chicago Board Of Trade was up 0.2% at $3.74 a bushel, as of 0353 GMT, having closed 1% lower in the previous session when prices hit a Sept. 30 low of $3.72-1/2 a bushel. Soybeans were up 0.1% at $9.18 a bushel, having hit an Oct. 8 low of $9.16 a bushel on Monday, while wheat added 0.2% to $5.06-1/2 a bushel. "The USDA's new forecasts proved mostly unexciting," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia. "The market is thus focussed on what must happen to speed (up) U.S. corn exports. The price pressure in the supply pipeline will just keep on building until that export outflow grows." The U.S. Department of Agriculture's (USDA) on Friday lowered its corn harvest outlook to 13.661 billion bushels, from 13.779 billion a month earlier. End-of-season U.S. corn stocks were trimmed to a still-abundant 1.91 billion bushels, while exports were lowered by 50 million bushels. In the soybean market, there was caution ahead of a speech by U.S. President Donald Trump to the Economic Club of New York later in the day in case there was any new word on the Sino-U.S. Phase one trade deal. Trump wrongfooted markets over the weekend when he said there had been incorrect reporting about U.S. willingness to lift tariffs on China. Drier U.S. weather is expected to help farmers advance corn and soybean harvests that have been delayed by cold and wet conditions. More snow and rain fell in the Midwest on Monday. The USDA will issue an update on harvest progress in a weekly report on Tuesday, one day later than normal because of the Veterans Day holiday. Commodity funds were net sellers of CBOT corn, wheat, soybean, soymeal and soyoil futures contracts on Monday, traders said. Grains prices at 0353 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 506.50 0.75 +0.15% -1.17% 509.03 41 CBOT corn 374.00 0.75 +0.20% -0.33% 387.48 31 CBOT soy 918.00 1.00 +0.11% -1.98% 938.43 34 CBOT rice 12.07 $0.05 +0.46% +0.33% $12.05 57 WTI crude 56.84 -$0.02 -0.04% -0.70% $54.76 Currencies Euro/dlr $1.103 $0.002 +0.15% -0.14% USD/AUD 0.6842 -0.002 -0.25% -0.80% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral; editing by Uttaresh.V)

GRAINS-Corn falls on weak demand, soybeans ease for 2nd session

11 Nov 2019

* Corn loses ground on disappointing U.S. exports this year * Strong dollar, U.S.-China trade concerns weigh on prices (Adds details, quote) By Naveen Thukral SINGAPORE, Nov 11 Chicago corn futures lost ground on Monday, giving up last session's gains as a firmer dollar and weak demand put pressure on prices, although losses were capped by a lower-than-expected U.S. production forecast. Soybeans slid for a second session, while wheat fell for a third consecutive session. The most-active corn contract on the Chicago Board Of Trade was down 0.4% at $3.75-3/4 a bushel by 0340 GMT. It had gained 0.5% in the previous session. Soybeans were down 0.5% at $9.26-1/2 a bushel, having closed down 0.6% on Friday. Wheat lost 0.2% to $5.09 a bushel, following a 0.4% slide in the previous session. "A stronger dollar and poor demand for U.S. supplies are weighing on corn and beans," said Phin Ziebell, agribusiness economist at National Australia Bank. The uncertainty surrounding an interim U.S.-China trade agreement also poses a risk to prices, he added. President Donald Trump on Friday said he has not agreed to rollbacks of U.S. tariffs sought by China, sparking fresh doubts about when the world's two largest economies may end a 16-month trade war that has slowed global growth. However, prices were lent some support by the U.S. Department of Agriculture's (USDA) move to lower its corn harvest outlook on Friday to 13.661 billion bushels, from 13.779 billion a month earlier. The outlook was based on an average yield of 167.0 bushels per acre (bpa), down from 168.4 previously. End-of-season U.S. corn stocks were trimmed to a still-abundant 1.91 billion bushels, while exports were lowered by 50 million bushels. The agency pegged the soybean crop at 3.550 billion bushels, with yields seen at 46.9 bpa, unchanged from October. Forward sales of Argentine corn and soybeans are zooming higher versus last year as growers hedge against possible increases in export taxes under President Alberto Fernandez, who is set to take office on Dec. 10. In parts of Europe, heavy rains have delayed grain sowings with the situation particularly severe in Britain where they could trigger a significant shift to spring planted crops. Large speculators widened their net short position in Chicago Board of Trade corn futures in the week ended Nov. 5, regulatory data released on Friday showed. The Commodity Futures Trading Commission's supplemental commitments of traders report showed that noncommercial traders, a category that includes hedge funds, expanded their net short position in CBOT corn to 156,448 contracts, an increase of 12,480 lots for the week. Grains prices at 0340 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 509.00 -1.25 -0.24% -0.68% 509.12 45 CBOT corn 375.75 -1.50 -0.40% +0.13% 387.53 30 CBOT soy 926.50 -4.50 -0.48% -1.07% 938.72 39 CBOT rice 11.98 -$0.06 -0.50% -0.42% $12.05 60 WTI crude 56.85 -$0.39 -0.68% -0.52% $54.66 Currencies Euro/dlr $1.102 $0.001 +0.05% -0.24% USD/AUD 0.6856 0.000 -0.04% -0.59% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral; Editing by Aditya Soni)

GRAINS-Corn stays weak as USDA crop report looms

08 Nov 2019

* Corn eases for 7th session, holds near 5-week low * Weak export demand, harvest supplies curb corn * Price moves modest as traders awaits USDA crop report * Soybeans little changed after gains on U.S.-China hopes (Updates with European trading, changes byline/dateline) By Gus Trompiz and Naveen Thukral PARIS/SINGAPORE, Nov 8 Chicago corn futures eased for a seventh straight session on Friday, pressured by harvest supplies and weak export demand ahead of closely watched U.S. government forecasts that will give further clues about crop yields. Soybeans were little changed after rising on Thursday on renewed optimism about an interim U.S.-China trade deal, while wheat ticked lower in step with corn. Price movements were limited before the U.S. Department of Agriculture's (USDA) monthly supply and demand outlook due at 1700 GMT. The report will include fresh estimates of rain-delayed U.S. corn and soybean crops as well as upcoming wheat harvests in drought-affected Australia and Argentina. The most-active corn contract on the Chicago Board Of Trade was down 0.3% at $3.74-1/4 a bushel by 1233 GMT and on course for its biggest loss in two months. CBOT soybeans edged down a quarter of a cent to $9.36-1/4 a bushel while wheat eased 0.4% to $5.10-1/2. "It's status quo on the market before the USDA report," Gautier Le Molgat of consultancy Agritel said. "The U.S. corn harvest is advancing so there is some supply pressure and the latest yield reports are not too bad," he said. "For the wheat market, the big question in the USDA report this evening will be southern hemisphere production, particularly for Argentina." Chicago corn and wheat futures were also curbed by weekly export sales on Thursday that were near the low end of trade expectations. In contrast, weekly soybean export sales of about 1.8 million tonnes were above trade expectations. The weekly soybean exports included 956,300 tonnes for China, and the USDA said private exporters sold another 136,000 tonnes of soybeans to China this week. The export data added to positive sentiment about U.S.-Chinese trade negotiations, fuelled by comments from officials from both sides on Thursday that the countries will roll back tariffs on each others' goods in a "phase one" trade deal if it is completed. Prices at 1233 GMT Last Change Pct End Ytd Pct Move 2018 Move CBOT wheat 510.50 -2.00 -0.39 503.25 1.44 CBOT corn 374.25 -1.00 -0.27 375.00 -0.20 CBOT soy 936.25 -0.25 -0.03 895.00 4.61 Paris wheat Dec 178.00 -0.25 -0.14 191.25 -6.93 Paris maize Jan 163.75 0.00 0.00 175.00 -6.43 Paris rape Feb 388.75 0.75 0.19 366.00 6.22 WTI crude oil 56.31 -0.84 -1.47 45.41 24.00 Euro/dlr 1.10 0.00 -0.20 1.1469 -3.85 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne (Reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; editing by Uttaresh.V and Giles Elgood)

GRAINS-Corn set for biggest weekly loss in 2 months on weak demand

08 Nov 2019

* Corn down 3.5% this week on poor demand for U.S. cargoes * Soybeans unmoved after firming 1% on Thursday * U.S.-China trade deal hopes may support prices (Recasts with move in corn market, adds quote) By Naveen Thukral SINGAPORE, Nov 8 Chicago corn futures on Friday were on track for their biggest weekly loss in two months, as lower demand for U.S. supplies and harvest pressure weighed on the market. Soybeans were little changed after closing nearly 1% higher on Thursday on renewed optimism about an interim U.S.-China trade deal after government officials said it could include a phased rollback of tariffs. The most-active corn contract on the Chicago Board Of Trade is down 3.5% this week, the biggest loss since Sept. 6. Soybeans were almost flat for the week after climbing 1.8% last week and wheat has lost 0.6% this week, the third straight weekly loss. Export sales of U.S. corn and wheat were near the low end of trade expectations, which weighed on both markets, according to the U.S. Department of Agriculture (USDA) data. "U.S. export sales data published overnight continue to show that sales are slow," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia. "U.S. export sales are, by one methodology, about 4 million tonnes behind where they would normally be by now. That anomaly is just too big to ignore, so prices fell." The USDA said about 1.8 million tonnes of soybeans were sold for export last week, above expectations for 600,000 to 1.2 million tonnes. The sales included 956,300 tonnes bound for China. The USDA said private exporters sold another 136,000 tonnes of the soybeans to China this week. China and the United States have agreed to roll back tariffs on each others' goods in a "phase one" trade deal if it is completed, officials from both sides said on Thursday, sparking division among some advisers to President Donald Trump. Price moves were restrained by caution ahead of Friday's USDA report, scheduled for release at noon EST (1700 GMT), with the consensus in a Reuters poll suggesting it will cut the outlook for both U.S. soybeans and corn. Commodity funds were net sellers of CBOT corn, wheat and soyoil futures contracts on Thursday, and net buyers of soybean and soymeal futures, traders said. Grains prices at 0301 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 513.00 0.50 +0.10% -0.73% 508.77 49 CBOT corn 375.75 0.50 +0.13% -0.79% 387.89 25 CBOT soy 936.50 0.00 +0.00% +0.97% 938.73 54 CBOT rice 12.02 -$0.02 -0.12% +0.13% $12.05 56 WTI crude 56.90 -$0.25 -0.44% +0.98% $54.55 Currencies Euro/dlr $1.105 $0.000 +0.02% -0.13% USD/AUD 0.6878 -0.002 -0.28% -0.06% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral; editing by Uttaresh.V)

GRAINS-Corn drops for 6th session on demand woes, soybeans near 1-week low

07 Nov 2019

* Corn down, soybeans face pressure on slowing demand * Delay in signing of U.S.-China trade deal weighs on prices (Adds details, quote) By Naveen Thukral SINGAPORE, Nov 7 Chicago corn futures slid for a sixth consecutive session on Thursday, while soybean traded near one-week low as concerns over slowing demand and a delay in sealing a preliminary U.S.-China trade deal weighed on prices. Wheat was largely unchanged after gaining in the previous two sessions. The most-active corn contract on the Chicago Board Of Trade was down 0.2% at $3.78 a bushel, as of 0253 GMT, having closed down 0.8% in the previous session when prices hit a Sept. 30 low of $3.77-1/2 a bushel. Soybeans were trading unchanged at $9.27-1/2 a bushel, having closed 0.7% weaker on Wednesday when prices hit their lowest since Oct. 31. Wheat was down 0.1% at $5.16-1/2 a bushel, having closed up 0.3% in the previous session. Market sentiment went sour after a senior official of the Trump administration told Reuters on Wednesday that a meeting between U.S. President Donald Trump and Chinese President Xi Jinping to sign a long-awaited interim trade deal could be delayed until December as discussions continue over terms and venue. "We are in a waiting game ahead of the signing," said Phin Ziebell, agribusiness economist at National Australia Bank. "But mind you, swine fever will have an impact on China's soybean demand even if relations are normalised." China's pig herd in September was 41.1% smaller than it was a year earlier, the agriculture ministry said last month, as a year-long African swine fever epidemic continued to slash the world's largest herd. U.S. Department of Agriculture (USDA) will issue its monthly supply and demand report on Friday. The market is looking for a fresh indication on the size of this year's rain-disrupted corn and soybean crops. The wheat market has been supported by expectations of lower production in the Southern Hemisphere. Commodity brokerage INTL FCStone said a poll of its clients estimated Australia's 2019/20 wheat crop at 15.54 million tonnes, 19.1% lower than Australia's official estimate of 19.2 million tonnes. Commodity funds were net sellers of CBOT corn, soybean and soymeal futures contracts on Wednesday, and net buyers of soyoil and wheat futures, traders said. Grains prices at 0253 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 516.50 -0.25 -0.05% +1.32% 506.96 53 CBOT corn 378.00 -0.75 -0.20% -1.37% 387.63 29 CBOT soy 927.50 0.00 +0.00% -1.12% 936.38 37 CBOT rice 11.98 -$0.03 -0.21% +1.05% $12.08 49 WTI crude 56.35 $0.00 +0.00% -1.54% $54.49 Currencies Euro/dlr $1.106 -$0.002 -0.14% -0.61% USD/AUD 0.6867 -0.003 -0.38% -0.23% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral, Editing by Sherry Jacob-Phillips)

GRAINS-Corn recovers from near four-week low, soybeans struggle

06 Nov 2019

* Chicago corn futures rise for 1st time in 5 sessions * Dry weather seen boosting U.S. harvest gathers pace (Adds details, quote) By Naveen Thukral SINGAPORE, Nov 6 Chicago corn futures ticked higher for the first time in five sessions on Wednesday, helped by bargain buying, although gains were limited as dry weather is expected to boost the U.S. harvest. Soybeans were little changed, while wheat rose for a second straight session. The most-active corn contract on the Chicago Board Of Trade was up 0.4% at $3.83-1/4 a bushel by 0348 GMT, having dropped to an Oct. 11 low of $3.80-1/2 a bushel in the previous session. Soybeans were little changed at $9.34 a bushel, after ending 0.4% lower on Tuesday, while wheat was up 0.2% at $5.16-1/4 a bushel, having gained 1.1% in the previous session. Dry weather is expected to boost harvest this week across the U.S. Midwest grain belt. Some precipitation is expected over the next week, but the weather is not likely to significantly delay harvesting, according to weather forecaster Maxar. The U.S. Department of Agriculture (USDA) said 52% of the U.S. corn crop was harvested by Sunday, slightly behind market forecasts of 54%. Soybeans were 75% harvested, on par with expectations. The USDA will issue its latest supply and demand report on Friday. The market is anticipating minimal reductions to corn and soybean crop outlooks, despite poor crop weather this year. Concerns over U.S.-China trade talks remain as Beijing pushes President Donald Trump to remove more tariffs imposed in September as part of a "phase one" trade deal. "The talk now is that, if the U.S. President wants to sign the deal on U.S. soil, then China expects some other concession from the United States," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia. "At present, China's gain from this stage of the negotiation is that the United States is forgoing additional tariffs." The wheat market is being underpinned by estimates of lower production in Australia. Commodity brokerage INTL FCStone said on Wednesday a poll of its clients estimated Australian wheat production during the 2019/29 season would be nearly 20% lower than official estimates. INTL FCStone said its poll of an unspecified number of clients pegged Australian wheat production at 15.54 million tonnes, 19.1% lower than Australia's official estimate of 19.2 million tonnes. Commodity funds were net sellers of CBOT corn, soybean and soyoil futures contracts on Tuesday, and net buyers of soymeal and wheat futures, traders said. Grains prices at 0348 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 516.25 1.00 +0.19% +1.28% 506.95 55 CBOT corn 383.25 1.50 +0.39% +0.00% 387.81 42 CBOT soy 934.00 -0.25 -0.03% -0.43% 936.60 48 CBOT rice 11.95 -$0.02 -0.17% +0.84% $12.08 46 WTI crude 56.92 -$0.31 -0.54% +0.67% $54.51 Currencies Euro/dlr $1.108 $0.000 +0.03% -0.44% USD/AUD 0.6896 0.000 +0.04% +0.19% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral; Editing by Aditya Soni)

GRAINS-Corn firms after 3 days of losses, U.S. harvest pace below estimates

05 Nov 2019

* Corn futures tick higher, recover from one-week low * U.S. harvest slow, but forecasts of favourable weather * Dismal demand for U.S. corn cargoes caps gains (Adds details, quotes) By Naveen Thukral SINGAPORE, Nov 5 Chicago corn on Tuesday rebounded from a one-week low hit in the previous session, underpinned by the slow pace of U.S. harvest, although a lack of demand capped further gains. Soybeans rose for a fourth consecutive session as Washington and Beijing inched closer to a trade deal, while wheat rose after closing lower on Monday. The most-active corn contract on the Chicago Board Of Trade was up 0.1% at $3.83-3/4 a bushel by 0359 GMT, after losing 1.5% in the last session. Soybeans gained 0.1% at $9.38-3/4 a bushel, and wheat added 0.3% to $5.11-1/2 a bushel. The U.S. Department of Agriculture (USDA) said 52% of the corn crop has been harvested, behind market forecasts, while farmers have gathered 75% of soybeans, matching analysts' estimates. The USDA also said 89% of the winter wheat crop has been planted, slightly behind market expectations. However, forecasts of only light and scattered rains across the U.S. Midwest grain belt this week could allow farmers to make rapid progress in harvesting their crops. Demand concerns further weighed on corn after another week of disappointing export inspections. Season-to-date corn inspections through last Thursday are down 62% from a year ago, and new sales have slumped, according to the USDA data. "U.S. corn is not competitive, especially in the Asian market," said one Singapore-based feed grains trader. "The market will take further direction from USDA's supply-demand reports due later this week as there could be some quality issues with the late planted crop." The USDA is due to publish it monthly world supply-and-demand outlook on Friday. In the soybean market, the focus is on Sino-U.S. trade talks, as the two sides show signs of inching closer to a deal. The market is also closely watching the South American planting as the season gets underway. China is pushing U.S. President Donald Trump to remove more tariffs imposed in September as part of a "phase one" U.S.-China trade deal, people familiar with the negotiations said on Monday. Brazilian soybean growers have planted 46% of the estimated area in the 2019/2020 crop, which they started sowing around September, below the level of 60% seen last year, agribusiness consultancy AgRural said on Monday, citing scarce rains. Commodity funds were net sellers of CBOT corn, wheat and soymeal futures contracts on Monday, and net buyers of soybean and soyoil futures, traders said. Grains prices at 0359 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 511.50 1.75 +0.34% +0.54% 504.59 48 CBOT corn 383.75 0.50 +0.13% -1.60% 387.29 43 CBOT soy 938.75 0.75 +0.08% +0.70% 934.83 62 CBOT rice 11.85 $0.00 +0.00% -1.41% $12.09 34 WTI crude 56.56 $0.02 +0.04% +4.39% $54.50 Currencies Euro/dlr $1.112 -$0.004 -0.39% -0.25% USD/AUD 0.6902 -0.001 -0.16% +0.13% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral, editing by Amy Caren Daniel)

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