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Naveen Thukral

GRAINS-Soybeans fall for 2nd session on lower Chinese buying; wheat dips

Dec 14 2018

* Chinese buying of U.S. beans fails to impress the market * Wheat dips but market set for 5th straight weekly gain (Adds Dalian market reaction, updates prices) By Naveen Thukral SINGAPORE, Dec 14 Chicago soybean futures slid for a second straight session on Friday, dropping to their weakest in more than one week as lower-than-expected Chinese buying weighed on the market. Wheat ticked lower although the market is set for a fifth consecutive weekly gain on expectations of strong demand for U.S. supplies. The most-active soybean contract on the Chicago Board Of Trade was down 1.4 percent for the week, the biggest weekly loss since mid-September. Soybeans hit a low of 9.02-1/4 a bushel on Friday, the weakest since Dec. 6. Wheat was up nearly 0.4 percent for the week and corn was down around half a percent. Soybeans slid after the U.S. Department of Agriculture said private exporters sold 1.13 million tonnes of U.S. soybeans to China, the first significant purchases in more than six months after a U.S.-China trade truce was reached on Dec. 1. But the market was expecting China to purchase between 3 and 5 million tonnes, traders said. And there was no clarity about China making further purchases from the United States amid domestic oversupply and slowing demand for animal feed. "China has purchased between 1.5 and 2 million tonnes. That is a hefty sale. And China is leading people to believe that is just the start of their buying programme," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia. "Oilseed markets, given prices fell on this news, were not impressed." China's Dalian soymeal futures lost 2 percent to their lowest since February as the country's buying of U.S. cargoes adds pressure on the amply supplied market. In the physical market, China's soymeal prices were down 30 yuan ($4.35) to 50 yuan a tonne to trade around 2,900 yuan a tonne. The USDA has forecast that U.S. soybean stocks at the end of the 2018/19 marketing year will reach a record-high 955 million bushels, doubling from a year earlier. Global soy stocks are seen swelling to 115 million tonnes. There was supportive news in the wheat market. The USDA reported weekly export sales of U.S. wheat at 754,000 tonnes, the biggest tally since August. Russia's agriculture ministry will hold a meeting with grain exporters on Dec. 21, Interfax news agency reported, feeding speculation that the world's biggest supplier might move to curb exports. Still, European Union grain crops will jump in 2019 with soft wheat, the main crop cultivated in the bloc, hitting a four-year high due mainly to a sharp rise in projected yields after a severe drought this year, Strategie Grains said on Thursday. Grains prices at 0517 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 533.25 -2.75 -0.51% +16.68% 468.46 64 CBOT corn 383.50 -0.75 -0.20% +6.09% 363.40 66 CBOT soy 903.25 -3.75 -0.41% -0.14% 895.97 50 CBOT rice 10.45 -$0.01 -0.05% +6.04% $10.27 22 WTI crude 52.37 -$0.21 -0.40% +40.55% $38.15 Currencies Euro/dlr $1.136 $0.005 +0.41% +0.04% USD/AUD 0.7187 -0.002 -0.26% -0.03% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential ($1 = 6.8899 Chinese yuan) (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)

GRAINS-Soybeans fall for 2nd session on lower Chinese buying; wheat dips

Dec 13 2018

* Chinese buying of U.S. beans fails to impress the market * Wheat dips but market set for 5th straight weekly gain (Adds details, quote) By Naveen Thukral SINGAPORE, Dec 14 Chicago soybean futures slid for a second straight session on Friday, dropping to their weakest in more than one week as lower-than-expected Chinese buying weighed on the market. Wheat ticked lower although the market is set for a fifth consecutive weekly gain on expectations of strong demand for U.S. supplies. The most-active soybean contract on the Chicago Board Of Trade was down 1.5 percent for the week, the biggest weekly loss since mid-September. Soybeans hit a low of 9.02-1/4 a bushel on Friday, the weakest since Dec. 6. Wheat was up nearly 0.4 percent for the week and corn was down around half a percent. Soybeans slid after the U.S. Department of Agriculture said private exporters sold 1.13 million tonnes of U.S. soybeans to China, the first significant purchases in more than six months after a U.S.-China trade truce was reached on Dec. 1. But the market was expecting China to purchase between 3 and 5 million tonnes, traders said. And there was no clarity about China making further purchases from the United States amid domestic oversupply and slowing demand for animal feed. "China has purchased between 1.5 and 2 million tonnes. That is a hefty sale. And China is leading people to believe that is just the start of their buying programme," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia. "Oilseed markets, given prices fell on this news, were not impressed." The USDA has forecast that U.S. soybean stocks at the end of the 2018/19 marketing year will reach a record-high 955 million bushels, doubling from a year earlier. Global soy stocks are seen swelling to 115 million tonnes. There was supportive news in the wheat market. The USDA reported weekly export sales of U.S. wheat at 754,000 tonnes, the biggest tally since August. Russia's agriculture ministry will hold a meeting with grain exporters on Dec. 21, Interfax news agency reported, feeding speculation that the world's biggest supplier might move to curb exports. Still, European Union grain crops will jump in 2019 with soft wheat, the main crop cultivated in the bloc, hitting a four-year high due mainly to a sharp rise in projected yields after a severe drought this year, Strategie Grains said on Thursday. In its first estimate for next year's crop, the consultancy estimated the EU soft wheat harvest at 147 million tonnes, up 16 percent from a poor 127 million tonnes in 2018. Grains prices at 0237 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 533.25 -2.75 -0.51% +16.68% 468.46 64 CBOT corn 383.25 -1.00 -0.26% +6.02% 363.39 66 CBOT soy 902.75 -4.25 -0.47% -0.19% 895.95 50 CBOT rice 10.45 -$0.01 -0.05% +6.04% $10.27 22 WTI crude 52.39 -$0.19 -0.36% +40.61% $38.15 Currencies Euro/dlr $1.136 $0.005 +0.40% +0.04% USD/AUD 0.7186 -0.002 -0.28% -0.04% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)

GRAINS-Soybean prices ease after 2 days of gains, Chinese buying curbs losses

Dec 12 2018

* Soybeans tick lower after climbing to 6-mth high * Chinese buying of U.S. soybean cargoes underpins prices (Adds comment, detail) By Naveen Thukral SINGAPORE, Dec 13 Chicago soybean futures inched down on Thursday to ease from a six-month high reached in the previous session, although losses were limited as China made its first major purchases of U.S. beans since a truce was struck in the Sino-U.S. trade war. Wheat rose for a second session, with prices supported by expectations of higher demand for U.S. supplies as exporters elsewhere run out of surpluses. The most-active soybean contract on the Chicago Board of Trade had slid 0.2 percent to $9.18-1/2 a bushel by 0314 GMT, having firmed around half-a-percent on Wednesday when prices hit their highest since June 15 at $9.28 a bushel. China on Wednesday made its first major purchases of U.S. soybeans since President Donald Trump and his Chinese counterpart Xi Jinping struck a trade war truce earlier this month, providing some relief to U.S. farmers who have struggled to find buyers for their record-large harvest. The purchase of over 1.5 million tonnes of beans is the most concrete evidence yet that China is making good on pledges the U.S. government said Xi made when the two leaders met on Dec. 1 and agreed to a 90-day detente to negotiate a trade deal. "Chinese buying is supportive for U.S. prices," said a Singapore-based trader at an international trading company which owns oilseed processing plants in China. "But the market wants China to remove 25 percent tariffs on U.S. beans so that private crushers can also buy and not just state-owned companies," he added, declining to be identified as he was not authorised to speak with media. Wheat was up 0.2 percent at $5.27-3/4 a bushel, having closed up 1 percent on Wednesday, while corn lost 0.3 percent to $3.84-1/4 a bushel, having gained 0.1 percent in the previous session. The wheat market is being underpinned by expectations of higher demand for U.S. cargoes early next year, with key exporters Russia and Ukraine reaching the end of their export campaigns. Commodity funds were net buyers of CBOT soybean, wheat, soymeal, corn and soyoil futures contracts on Wednesday, traders said. Trader estimates of fund activity in corn ranged from net buyers of 6,000 contracts to net sellers of 5,000 contracts. Grains prices at 0314 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 527.75 1.25 +0.24% +15.48% 468.28 55 CBOT corn 384.25 -1.00 -0.26% +6.29% 363.43 67 CBOT soy 918.50 -1.50 -0.16% +1.55% 896.48 66 CBOT rice 10.55 $0.00 +0.00% +7.11% $10.28 27 WTI crude 51.39 $0.24 +0.47% +37.92% $38.11 Currencies Euro/dlr $1.137 $0.006 +0.49% +0.12% USD/AUD 0.7227 0.002 +0.29% +0.53% (Reporting by Naveen Thukral Editing by Joseph Radford)

Soybeans rise for second day as Trump says China buying U.S. supplies

Dec 12 2018

SINGAPORE/PARIS Chicago soybeans rose for a second consecutive session on Wednesday after President Donald Trump said China was back in the market buying U.S. beans.

GRAINS-Soybeans rise for 2nd day as Trump says China buying U.S. supplies

Dec 11 2018

* Soybeans climb to highest since Dec. 3, wheat inches up * Trump says China "buying tremendous amounts of soybeans" (Adds details, quote) By Naveen Thukral SINGAPORE, Dec 12 Chicago soybeans rose for a second consecutive session on Wednesday after President Donald Trump said China was back in the market buying U.S. beans. Wheat edged higher, snapping two sessions of falls, but the market remained under pressure as the U.S. Department of Agriculture (USDA) raised its forecasts of U.S. and global wheat ending stocks more than most analysts had expected. The most-active soybean contract on the Chicago Board Of Trade gained 0.4 percent to $9.18-3/4 a bushel by 0244 GMT, after touching its highest since Dec. 3 at $9.19 a bushel. Wheat was up 0.5 percent at $5.23-3/4 a bushel, having closed down 0.8 percent on Tuesday, and corn added 0.2 percent at $3.85-1/2 a bushel, having gained 0.2 percent in the previous session. Trump said on Tuesday that China was buying a "tremendous amount" of U.S. soybeans and that trade talks with Beijing were already under way by telephone, with more meetings likely among U.S. and Chinese officials. "U.S. president saying China is buying U.S. soybeans is certainly supportive for the market," said one Singapore-based oilseed trader. "But the market is not going to rally unless we see actual deals being signed." Trump and China's President Xi Jinping agreed at a Dec. 1 meeting in Argentina to a truce that delayed a planned Jan. 1 U.S. increase of tariffs to 25 percent from 10 percent on $200 billion worth of Chinese goods. The USDA, in its monthly supply-demand report, raised its forecast of world 2018/19 soybean ending stocks to 115.33 million tonnes, topping a range of estimates. The agency raised its forecast of U.S. 2018-19 wheat ending stocks to 974 million bushels from 949 million bushels in November, above the average trade expectation for 956 million bushels. Commodity funds were net buyers of CBOT soybean, corn, soyoil and soymeal futures contracts on Tuesday and net sellers of wheat, traders said. Grains prices at 0244 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 523.75 2.75 +0.53% +14.61% 468.14 49 CBOT corn 385.50 0.75 +0.19% +6.64% 363.47 72 CBOT soy 918.75 3.75 +0.41% +1.58% 896.48 69 CBOT rice 10.64 $0.00 -0.05% +8.02% $10.28 33 WTI crude 52.15 $0.50 +0.97% +39.96% $38.14 Currencies Euro/dlr $1.133 $0.002 +0.15% -0.21% USD/AUD 0.7219 0.001 +0.18% +0.42% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)

GRAINS-Soybeans drop for 2nd session on lack of Chinese buying, wheat eases

Dec 10 2018

* Soybeans lose more ground on slow pace of U.S. exports * Wheat falls for 2nd session, corn down ahead of USDA report (Adds details, quote) By Naveen Thukral SINGAPORE, Dec 11 Chicago soybean futures slid for a second session on Tuesday with prices coming under pressure from lack of Chinese demand for U.S. supplies amid a trade war between the two countries. Wheat lost more ground although the market is expected to be supported by expectations of higher demand for U.S. supplies as exporters in the Black Sea region run out of surpluses following strong pace of sales. The most-active soybean contract on the Chicago Board Of Trade was down 0.1 percent at $9.09 a bushel by 0244 GMT, near the session low of $9.06 a bushel - the weakest since Dec. 6. Wheat slid 0.2 percent to $5.24 a bushel, having closed down 1.1 percent on Monday and corn was unchanged at $3.84 a bushel, having closed 0.4 percent lower in the previous session. "U.S. export data is miserable and there are lots of trade war risks," said Phin Ziebell, senior economist at National Australia Bank. "There has been no news on the promised Chinese buying." China and the United States discussed the road map for the next stage of their trade talks on Tuesday, during a telephone call between Chinese Vice Premier Liu He and U.S. Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer. The country imported 5.38 million tonnes of soybeans in November, the lowest monthly amount in two years, customs data showed on Saturday. The market is focused on monthly supply and demand report to be issued by the U.S. Department of Agriculture at 1700 GMT. Analysts, on average, expect only modest changes for U.S. soy, corn and wheat ending stocks for the 2018-19 marketing year. Brazil's soybean farmers are expected to export a record 82.7 million tonnes of the oilseed this year, according to data released on Monday from crushers association Abiove, driven by strong Chinese demand. Large speculators trimmed their net short position in CBOT corn futures in the week to Dec. 4, regulatory data released on Monday showed. The Commodity Futures Trading Commission's weekly commitments of traders report also showed that noncommercial traders, a category that includes hedge funds, trimmed their net short position in CBOT wheat and trimmed their net short position in soybeans. Grains prices at 0244 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 524.00 -1.25 -0.24% +1.65% 514.64 55 CBOT corn 384.00 0.00 +0.00% +0.33% 378.33 71 CBOT soy 909.00 -0.75 -0.08% -0.05% 885.23 62 CBOT rice 10.66 -$0.01 -0.09% -1.62% $10.76 34 WTI crude 51.19 $0.19 +0.37% -2.70% $56.25 Currencies Euro/dlr $1.136 -$0.001 -0.11% -0.09% USD/AUD 0.7197 0.000 -0.03% -0.53% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral; Editing by Amrutha Gayathri)

UPDATE 2-Malaysia's Nov palm oil inventories climb to highest in nearly two decades

Dec 10 2018

(Updates to add graphic) By Naveen Thukral SINGAPORE, Dec 10 Malaysia's palm oil stockpiles at the end of November rose above 3 million tonnes as a steep decline in exports boosted reserves, official data showed on Monday. Palm oil stocks last month rose 10.5 percent from October to 3.007 million tonnes, industry regulator the Malaysian Palm Oil Board (MPOB) said. The stockpiles are at the highest in at least 18 years, according to Refinitiv data going back that far . Rising palm oil reserves could weigh on benchmark palm oil prices, which were falling for a second session on Monday. A Reuters survey based on the median estimate of eight planters, traders and analysts earlier this month showed Malaysia's palm oil stocks would touch the 3-million-tonne mark. "The ending stocks are as per our expectations but a decline of more than 6 percent in production is bit of a surprise," said Santhosh Kumar, chief executive of Singaporean trading and consulting company Arcis Global Merchants Pte Ltd. "Most people were looking at a decline of around 3 percent." The MPOB data showed palm oil production in November slid 6.09 percent from the previous month to 1.85 million tonnes, while exports fell 12.9 percent to 1.375 million tonnes. Demand for palm oil generally tapers down in the last quarter of the year, as colder temperatures in key markets such as China and Europe cause palm oil to solidify, which leads buyers to seek alternative oils. The following is a breakdown of the Malaysian Palm Oil Board figures and Reuters estimates for November: (volumes in tonnes) Nov 2018 Nov 2018 poll Nov 2017 Oct 2018 Output 1,845,219 1,923,000 1,942,847 1,964,954 Stocks 3,006,988 3,015,927 2,553,739 2,722,478* Exports 1,375,217 1,405,000 1,356,378 1,578,263* Imports 134,352 95,000 30,191 117,269 *denotes revised figures (Reporting by Naveen Thukral; Editing by Christian Schmollinger and Sunil Nair)

GRAINS-Soybean prices ease on dismal demand, wheat dips after strong gains

Dec 09 2018

* Soybean falls in two out of three sessions * China's soybean demand slowing down, Nov Imports fall * Market expects China to buy U.S. beans after trade talks (Adds details, quote) By Naveen Thukral SINGAPORE, Dec 10 Chicago soybean futures lost ground on Monday with the market dropping for two out of three sessions on pressure from slowing demand in China, the world's top importer. Wheat ticked lower following last session's strong gains but losses were limited by rising demand for U.S. supplies. The soybean market is expecting China to make large purchases of U.S. beans, after trade truce between Washington and Beijing. But U.S.-China trade negotiations need to reach a successful end by March 1 or else new tariffs will be imposed, U.S. Trade Representative Robert Lighthizer said on Sunday, clarifying there is a "hard deadline" after a week of seeming confusion among President Donald Trump and his advisers. The most-active soybean contract on the Chicago Board Of Trade was down 0.6 percent at $9.11-1/4 a bushel by 0237 GMT and corn lost 0.2 percent at $3.84-3/4 a bushel. The market is monitoring the news about the arrest of telecoms company Huawei Technologies' Chief Financial Officer Meng Wanzhou that has raised concerns it could harm U.S.-China relations. China imported 5.38 million tonnes of soybeans in November, down 38 percent from a year ago and the lowest monthly amount in two years, customs data showed on Saturday, after buyers avoided U.S. soybeans amid the tariff war. Argentina' Rosario Grains Exchange said soybean exports to China could jump to a record 14 million tonnes this season if the trade war continues. Wheat was down 0.6 percent at $5.28-1/4 a bushel, having closed up 3 percent on Friday when prices climbed the highest since Sept. 11 at $5.32 a bushel on strong demand. "The last week of November saw U.S. wheat exports rise sharply, and beyond what even the most optimistic forecaster guessing," said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia. "We are, finally, seeing some signs that U.S. wheat is benefiting from the more modest supplies elsewhere." Wheat supplies in the Black Sea region, which has been giving stiff competition in the global market, are expected to dwindle early next year, giving an opportunity to U.S. exporters to sell. Grains prices at 0237 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 528.25 -3.00 -0.56% +1.98% 514.18 62 CBOT corn 384.75 -0.75 -0.19% +0.13% 378.13 67 CBOT soy 911.25 -5.50 -0.60% -0.25% 883.34 67 CBOT rice 10.72 -$0.05 -0.51% -0.97% $10.77 40 WTI crude 52.62 $0.01 +0.02% +2.19% $56.83 Currencies Euro/dlr $1.143 $0.006 +0.49% +0.51% USD/AUD 0.7213 0.001 +0.19% -0.30% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral; Editing by Gopakumar Warrier)

GRAINS-Soybeans ease for 2nd day as market awaits Chinese buying

Dec 06 2018

* Soybeans market looks for Chinese buying after trade talks * Chicago wheat firms after two days of losses; corn dips (Recasts with details, adds quote) By Naveen Thukral SINGAPORE, Dec 7 Chicago soybean futures slid for a second session on Friday, giving up ground as the market is still awaiting promised Chinese buying following Sino-U.S. trade talks. The market is set to end the week on a positive note, though, rising for a second consecutive week on expectations that trade talks between the two nations in Argentina will result in a resumption of U.S. soybean sales to China. The most-active soybean contract on the Chicago Board of Trade lost 0.1 percent to $9.08-1/4 a bushel by 0229 GMT. The market is up 1.5 percent so far this week. China on Thursday expressed confidence in striking a trade deal with the United States within their 90-day ceasefire period, praising the meeting between U.S. President Donald Trump and Chinese President Xi Jinping as highly successful. But China's renewed buying of U.S. soybeans and other agricultural products has yet to emerge. "The U.S.-China deal still needs proper confirmation in the form of buying before the market can get real confident about progress," said Ole Houe, director of advisory services at brokerage IKON Commodities in Sydney. "Every day there is lack of progress we will likely see beans give up a bit of ground." The market came under some pressure on Thursday on concerns over the status of the trade negotiations after the arrest of smartphone maker Huawei Technologies Chief Financial Officer Meng Wanzhou. There is additional pressure on soybeans on expectations of large production in South America. Argentine soybean exports to China could jump to a record 14 million tonnes this season if the trade war between China and the United States continues, the Rosario grains exchange said, as output rebounds from last year's drought. There are also forecasts of record Brazilian soybean output, which is expected to further reduce China's need for U.S. supply. Chicago corn lost 0.1 percent to $3.82-1/2 a bushel. Wheat added 0.1 percent to $5.16 a bushel. The U.S. Department of Agriculture confirmed private corn sales to Mexico totalling nearly 200,000 tonnes on Thursday. Egypt's GASC bought 350,000 tonnes of Russian and Ukrainian wheat in the tender. There was no U.S. wheat offered. Commodity funds were net sellers of Chicago Board of Trade corn, wheat, soybean, soymeal and soyoil futures contracts on Thursday, traders said. Grains prices at 0229 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 516.00 0.50 +0.10% -1.24% 513.08 46 CBOT corn 382.50 -0.25 -0.07% -0.58% 377.71 62 CBOT soy 908.25 -1.25 -0.14% -0.38% 881.42 66 CBOT rice 10.83 $0.00 +0.00% -1.32% $10.78 50 WTI crude 51.26 -$0.23 -0.45% -3.08% $57.28 Currencies Euro/dlr $1.137 $0.003 +0.25% +0.18% USD/AUD 0.7222 -0.012 -1.57% -1.81% 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 and Tom Hogue)

GRAINS-Soybeans fall for 1st time in 5 sessions, wheat eases for 2nd day

Dec 05 2018

* Chicago soybeans down 0.6 pct on lack of Chinese buying * Wheat down for 2nd day on concerns over demand for U.S. cargoes (Adds details, quote) By Naveen Thukral SINGAPORE, Dec 6 Chicago soybeans dropped on Thursday, declining for the first time in five sessions, on a lack of purchases of U.S. cargoes by China despite trade talks between the two nations. Wheat slid for a second session on concerns over dismal demand for U.S. supplies. At a gathering of G20 countries in Argentina on Saturday, U.S. President Donald Trump agreed to hold off on new tariffs during a 90-day truce period, while his Chinese counterpart Xi Jinping pledged to purchase more agricultural products from U.S. farmers immediately, according to the White House. But China is yet to make any purchases. The most-active soybean contract on the Chicago Board of Trade fell 0.6 percent to $9.08-1/4 a bushel by 0248 GMT, while wheat lost 0.1 percent to $5.17-1/2 a bushel and corn was unchanged at $3.84-1/4 a bushel. "China hasn't started buying U.S. soybeans," said one Singapore-based trader. "We have pressure from other markets which have dropped after Canada arrested a senior executive of Huawei." U.S. stock futures and Asian shares tumbled on Thursday after Canadian authorities arrested a top executive of Chinese tech giant Huawei for extradition to the United States, fanning fears of a fresh flareup in tensions between the two superpowers. Forecasts of a record soybean harvest in Brazil provided additional headwinds to Chicago futures as bumper supplies from the South American agricultural powerhouse could reduce China's need for U.S. beans. Analysts polled ahead of a monthly U.S. Department of Agriculture report next week pegged Brazil's 2018/19 soybean crop at 120.88 million tonnes, up slightly from the agency's prior-month view. Brazilian consultancy Celeres said the next harvest could approach an all-time high of 130 million tonnes. Brazil, which accounts for some 7 percent of the world's grain output, has the potential to expand arable land for agriculture on an estimated 43 million hectares in the vast central Cerrado region, a grain producing company said on Wednesday. China will ramp up imports of Argentine soyoil after Argentina begins harvesting its next soy crop in March, a government official told Reuters, but talks toward reaching a deal to sell soymeal livestock feed to China have fizzled. The wheat market is being weighed down by demand concerns, including from top importer Egypt. The country has not issued letters of credit covering 16 purchased cargoes, effectively delaying payment and causing confusion among suppliers, sources familiar with the matter told Reuters on Wednesday. The cargoes included one of U.S. wheat, a sale that had raised hopes U.S. shipments would accelerate as supplies in top wheat exporter Russia dwindled. Grains prices at 0248 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 517.50 -0.50 -0.10% -0.72% 512.78 59 CBOT corn 384.25 0.00 +0.00% +0.59% 377.61 74 CBOT soy 908.25 -5.25 -0.57% +0.28% 879.74 66 CBOT rice 10.84 $0.02 +0.18% -1.28% $10.79 49 WTI crude 52.63 -$0.26 -0.49% -0.60% $58.32 Currencies Euro/dlr $1.134 $0.000 -0.02% -0.09% USD/AUD 0.7226 -0.011 -1.51% -1.75% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral; Editing by Sunil Nair)

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