SINGAPORE, Jan 3 (Reuters) - Chicago soybean futures gained more ground on Friday with the market poised for a fifth week of gains, underpinned by expectations of higher Chinese demand. Wheat was on track for a fourth weekly gain as the market was supported by declining condition of the U.S. winter crop. FUNDAMENTALS * U.S. President Donald Trump said on Tuesday that a Phase 1 trade deal with Beijing would be signed on Jan. 15. U.S. officials expect China to make large purchases of agriculture products, although details have not been announced. * Soybeans posted annual gains of 6.8% in 2019, while wheat rose 11% and corn firmed 3.4% over the year at the CBOT. * China has eased customs regulations on imports of soybean through some northern border checkpoints, the commerce ministry said, a move that could smooth the way for shipments from neighbours such as Kazakhstan, Russia and perhaps Ukraine. * Condition ratings for winter wheat declined from late November to late December in most U.S. Plains states, the U.S. Department of Agriculture (USDA) said on Thursday, reflecting dry conditions in some areas. nL1N295199 * The USDA issued its last national winter wheat ratings of the season on Nov. 25, reporting 52% of the U.S. crop in good to excellent condition as of Nov. 24. Over the winter, USDA's National Agricultural Statistics Service releases monthly reports for select states. * Traders are waiting for the agency to issue crop production data on Jan. 10 amid uncertainty about the size of the autumn corn harvest, which was delayed by cold, wet weather. * The USDA said in a separate report that 5.24 million tons, or 175 million bushels, of U.S. soybeans were crushed in November. This was below analysts' expectations for 5.277 million short tons, or 175.9 million bushels. * The agency on Friday is due to report weekly export sales of grains and soybeans, a day later than usual due to the New Year's Day holiday on Wednesday. * Commodity funds were net buyers of Chicago Board of Trade corn, wheat, soybean, soymeal and soyoil futures contracts on Thursday, traders said. MARKET NEWS * Global stock markets jumped on the first day of trading in 2020 as a shot of Chinese stimulus and economic data drove a gauge of world equity performance to the latest in a series of record highs, while the dollar snapped a four-day losing streak. DATA/EVENTS (GMT) 0700 UK Nationwide House Price MM, YY Dec 0745 France CPI (EU Norm) Prelim YY Dec 0855 Germany Unemployment Chg, Rate SA Dec 1300 Germany CPI Prelim YY Dec 1300 Germany HICP Prelim YY Dec 1500 US ISM Manufacturing PMI Dec 1900 US Federal Open Market Committee issues minutes from its meeting of December 10-11 Grains prices at 0152 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 561.25 1.00 +0.18% +0.45% 537.01 75 CBOT corn 392.00 0.50 +0.13% +1.10% 382.58 68 CBOT soy 957.00 0.75 +0.08% +0.16% 918.38 74 CBOT rice 13.11 -$0.05 -0.42% -1.35% $12.82 55 WTI crude 61.70 $0.52 +0.85% +1.05% $59.40 Currencies Euro/dlr $1.117 $0.000 +0.03% -0.33% USD/AUD 0.6975 -0.002 -0.26% -0.60% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral; Editing by Shailesh Kuber)
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