January 8, 2019 / 1:47 AM / 3 months ago

GRAINS-Soybeans snap winning streak, retreat from 3-week high

    SYDNEY, Jan 8 (Reuters) - U.S. soybean futures dropped for the first time in five sessions on Tuesday, retreating from a more
than three-week high touched in the previous session, though losses were curbed amid hopes of a trade deal between Washington and
Beijing.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board of Trade were down 0.2 percent at $9.22-1/4 a bushel, as of 0125
GMT, having firmed 0.3 percent on Monday when prices hit $9.28 a bushel - the highest since Dec. 12, 2018.
    * The most active corn futures were up 0.1 percent at $3.82-3/4 a bushel, having closed 0.2 percent lower in the
previous session after prices had earlier hit a high of $3.84 a bushel, their highest since Dec. 19, 2018.
    * The most active wheat futures slipped 0.2 percent to $5.15-3/4 a bushel, having closed little changed in the previous
session. 
    * Soybeans were supported amid hopes for a trade deal between the United States and China, while adverse weather conditions in
Brazil dampened the country's production outlook. 
    * U.S. Commerce Secretary Wilbur Ross predicted Beijing and Washington could reach a trade deal that "we can live with."

    * Consultancy INTL FCStone cut its estimate of Brazil's soybean crop on Friday by about 4 million tonnes to 116.25 million
tonnes due to a drought affecting some areas.
             
    MARKET NEWS  
    * The dollar fell versus other major currencies for a fourth straight session on Tuesday, as investors grew increasingly
convinced the Federal Reserve will not raise interest rates this year amid uncertainties over the U.S. economy.  
    * Oil prices edged up on Tuesday, supported by hopes that U.S.-Chinese talks in Beijing would bring a halt to a trade dispute
between the world's biggest economies, while the start of OPEC-led supply cuts also tightened markets.  
    * Amazon.com Inc and Netflix fuelled a second straight session of gains on Wall Street on Monday, as the
resumption of U.S.-China trade talks helped ease concerns that have pummelled the market in recent months.  
    
    DATA/EVENTS (GMT)
0700        Germany      Industrial Output          Nov
1000        EU           Business Climate           Dec
1000        EU           Economic Sentiment         Dec
1000        EU           Industrial Sentiment       Dec
1000        EU           Services Sentiment         Dec
1000        EU           Consumer Confidence Final  Dec
1100        US           NFIB Business Optimism     Dec
1330        US           International Trade        Nov
1500        US           JOLTS Job Openings         Nov  
        
 Grains prices at 0125 GMT
 Contract         Last   Change   Pct chg   Two-day chg     MA 30
 CBOT wheat     515.75    -1.00    -0.19%        -0.24%    518.42
 CBOT corn      382.75     0.50    +0.13%        -0.07%    379.43
 CBOT soy       922.25    -2.00    -0.22%        +0.08%    910.38
 CBOT rice       10.69    $0.02    +0.19%        +1.96%    $10.67
 WTI crude       48.86    $0.34    +0.70%        +1.88%    $49.15
 Currencies                                                      
 Euro/dlr       $1.147  -$0.001    -0.08%        +0.63%          
 USD/AUD        0.7138   -0.001    -0.13%        +0.37%          
 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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