January 17, 2019 / 1:54 AM / in 6 months

GRAINS-Soybeans rebound from three-week low; trade woes curb gains

    SYDNEY, Jan 17 (Reuters) - U.S. soybeans edged higher on Thursday, rebounding from a three-week hit in the previous session, though concerns over a prolonged trade war between Washington and Beijing curbed gains. 
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of Trade were up 0.1 percent at $8.95-3/4 a bushel, as of 0129 GMT. In the previous session, prices had hit $8.91 a bushel, their lowest since Dec 28, 2018.
    * The most active corn futures climbed 0.1 percent to $3.74-1/2 a bushel, having gained 0.7 percent in the previous session.
    * The most active wheat futures slipped 0.1 percent to $5.12 a bushel, having closed up 0.3 percent on Wednesday. 
    * Concerns over a prolonged trade war between Washington and Beijing weigh on the grain market.
    * Brazilian agribusiness consultancy Céleres on Wednesday cut its soy harvest forecast for the country due to drought, but the 117.2-million-tonne estimate is largely in line with other analysts.
    * Thomson Reuters Agriculture Research on Wednesday lowered its forecast of Brazil's ongoing harvest by 2 percent to 118 million tonnes, joining other crop watchers in factoring in the impact of dryness on yields.
         
    MARKET NEWS  
    * The dollar took a breather on Thursday following its recent strong gains against key rivals, while sterling steadied after British Prime Minister Theresa May's government won a no-confidence vote in parliament.  
    * U.S. oil prices inched down on Thursday, with traders worried about the strength of demand in the United States after gasoline stockpiles there grew last week by far more than analysts had expected.  
    * Wall Street's major indexes hit one-month highs on Wednesday as strong earnings from Bank of America Corp and Goldman Sachs Group Inc boosted investor sentiment.  
    
  DATA AHEAD (GMT)
0001     Britain    RICS Housing Survey         Dec
0030    Australia    Housing Finance         Nov
1000    Euro zone     Consumer prices         Dec
1030    Brazil         IBC-BR Economic Activity    Nov
1330     US          Philly Fed Business Index    Jan
1330     US         Continued Jobless Claims    Jan. 5
1330    US         Initial Jobless Claims    Jan. 12
1330    US         Housing Starts Number    Dec
1330     US         Building permits numbe  
        
 Grains prices at 0129 GMT
 Contract      Last  Change  Pct chg  Two-day chg    MA 30   RSI 
 CBOT wheat  512.00   -0.50   -0.10%       +0.20%   518.61     48
 CBOT corn   374.50    0.50   +0.13%       +0.88%   379.73     43
 CBOT soy    895.75    1.25   +0.14%       +0.28%   910.56     48
 CBOT rice    10.52   $0.05   +0.48%       +1.30%   $10.59     59
 WTI crude    52.09  -$0.22   -0.42%       -0.04%   $49.23     64
 Currencies                                                      
 Euro/dlr    $1.140  $0.000   +0.01%       -0.14%                
 USD/AUD     0.7171   0.001   +0.07%       -0.40%                
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham, Editing by Sherry Jacob-Phillips)
  
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