November 21, 2019 / 12:28 PM / 23 days ago

GRAINS-Chicago soy rebounds from near 2-month low, corn edges higher

* Soybeans tick up after dropping to weakest since early Oct

* Weaker dollar provides support for Chicago-based contracts (Adds quote, updates prices)

By Nigel Hunt

LONDON, Nov 21 (Reuters) - U.S. soybean futures fell to their lowest in almost two months on Thursday, weighed partly by slow progress in U.S-China trade talks, before rebounding as the dollar weakened.

Chicago corn and wheat prices edged up.

Trade frictions between Washington and Beijing exerted downward pressure on the dollar and also helped to keep soybean prices on the defensive.

The most-active soybean contract on the Chicago Board Of Trade was up 0.2% to $9.06-1/2 a bushel at 1208 GMT. The contract hit its lowest since Oct. 1 at $9.03-1/4.

“Lack of clarity on a U.S. and China trade deal continues to limit market gains, while a delayed crop has traders watching harvest forecasts a little bit later in the year than usual,” brokerage Allendale said in a market note.

U.S. President Donald Trump warned on Tuesday his country would raise tariffs on Chinese imports if no deal was reached.

Completion of a “phase one” U.S.-China trade deal could slide into next year, trade experts and people close to the White House say, as Beijing presses for more extensive tariff rollbacks, and the Trump administration counters with heightened demands of its own.

A fresh row between Washington and Beijing over U.S. bills intended to support protesters in Hong Kong and send a warning to China about human rights could complicate talks and delay the deal that investors had hoped would be inked by now.

“Predicting the U.S.-China trade deal seems to be a mug’s game,” said Phin Ziebell, agribusiness economist at National Australia Bank.

The slow pace of U.S. corn and soybean harvests, however, continued to underpin both markets.

The U.S. Department of Agriculture’s statistics branch will continue to collect weekly U.S. crop progress data beyond Nov. 25, the last currently scheduled date, due to harvest delays, the government said in a statement on Wednesday.

CBOT’s most active corn contract was up 0.3% at $3.67-3/4 a bushel, with a weaker dollar also providing some support to contracts denominated in the U.S. currency.

Wheat prices were mixed with CBOT prices rising 0.2% to $5.19-3/4 a bushel, while March wheat on Paris-based Euronext fell 0.1% to 180.75 euros a tonne. (Additional reporting by Naveen Thukral in Singapore, Editing by Sherry Jacob-Phillips and 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