Edition:
United States

Naveen Thukral

METALS-Copper rises for second session as market eyes U.S.-China trade deal

2:44am EST

(Adds details on China's rate cut in paragraphs 6-7, updates prices) By Naveen Thukral SINGAPORE, Nov 18 London copper gained more ground on Monday as hopes of a Sino-U.S. trade deal and China's move to trim a closely watched lending rate kept investor optimism afloat, underpinning prices. Three-month copper on the London Metal Exchange was up 0.3% at $5,865.50 a tonne, as of 0722 GMT, after a 0.6% gain in the previous session. The most-traded copper contract on the Shanghai Futures Exchange added 0.2% at 46,980 yuan ($6,717.09) a tonne. TRADE DEAL HOPES: Positive comments on trade from officials in Washington and Beijing are expected to support the market. CONSTRUCTIVE TALKS: On Saturday, Chinese state media said the two sides had "constructive talks" on trade in a high-level phone call that included Vice Premier Liu He, U.S. trade representative Robert Lighthizer and Treasury Secretary Steven Mnuchin. AGREEMENT SOON: White House economic adviser Larry Kudlow said on Thursday the two nations were getting close to an agreement, citing what he called very constructive talks with Beijing about ending the 16-month spat. INTEREST RATE: There was additional support for industrial metals stemming from China's move to cut a key interest rate. SHARES: Asian shares ticked higher on Monday after Beijing surprised markets by trimming a key interest rate for the first time since 2015, stirring speculation that further stimulus was on the way for the world's second-largest economy. ECONOMIC GROWTH: The tariff war has hampered global economic activity and pushed metals prices sharply lower. INDUSTRIAL OUTPUT: China's industrial output grew significantly slower than expected in October, underlining fears of a sharp drop in demand in the world's largest consumer of metals. COPPER OUTPUT: China's October refined copper output rose 17.9% year-on-year to a record high of 868,000 tonnes. Production of lead, zinc and alumina also increased. NICKEL STOCKS: Rising nickel inventories in Shanghai weighed on prices. Shanghai nickel slid almost 1.5%, while LME nickel was down 0.6%. ALUMINIUM RESERVES: Japan's Marubeni Corp said aluminium stocks held at three major Japanese ports at the end of October fell 2.6% to 318,200 tonnes from the previous month. LME ALUMINIUM: Headline aluminium inventories in LME-registered warehouses rose by 44,200 tonnes to a little under 1.1 million tonnes, the highest since June. PRICES Three month LME copper Most active ShFE copper Three month LME aluminium Most active ShFE aluminium Three month LME zinc Most active ShFE zinc Three month LME lead Most active ShFE lead Three month LME nickel Most active ShFE nickel Three month LME tin Most active ShFE tin ARBS ($1 = 6.9941 Chinese yuan) (Reporting by Naveen Thukral, Editing by Sherry Jacob-Phillips, Subhranshu Sahu and Shounak Dasgupta)

METALS-Copper rises for 2nd session as market eyes U.S.-China trade deal

Nov 17 2019

(Recasts with change in copper price move, adds nickel) By Naveen Thukral SINGAPORE, Nov 18 London copper gained more ground on Monday as hopes of a Sino-U.S. trade deal kept investor optimism afloat, underpinning prices. Three-month copper on the London Metal Exchange was up 0.1% at $5,856 a tonne, as of 0419 GMT, after a 0.6% gain in the previous session. The most-traded copper contract on the Shanghai Futures Exchange added 0.3% at 47,020 yuan ($6,722.81) a tonne. TRADE DEAL HOPES: Positive comments on trade from officials in Washington and Beijing are expected to support the market. CONSTRUCTIVE TALKS: On Saturday, Chinese state media said the two sides had "constructive talks" on trade in a high-level phone call that included Vice Premier Liu He, U.S. trade representative Robert Lighthizer and Treasury Secretary Steven Mnuchin. AGREEMENT SOON: White House economic adviser Larry Kudlow said on Thursday the two nations were getting close to an agreement, citing what he called very constructive talks with Beijing about ending the 16-month spat. ECONOMIC GROWTH: The tariff war has hampered global economic activity and pushed metals prices sharply lower. INDUSTRIAL OUTPUT: China's industrial output grew significantly slower than expected in October, underlining fears of a sharp drop in demand in the world's largest consumer of metals. INTEREST RATE: China's central bank lowered the interest rate on reverse repurchase agreements by five basis points, the first reduction in the short-term liquidity tool in more than four years. COPPER OUTPUT: China's October refined copper output rose 17.9% year-on-year to a record high of 868,000 tonnes. Production of lead, zinc and alumina also advanced. NICKEL STOCKS: Rising nickel inventories in Shanghai weighed on prices. Shanghai nickel slid almost 2%, while LME nickel was down 0.6%. ALUMINIUM RESERVES: Japan's Marubeni Corp said aluminium stocks held at three major Japanese ports at the end of October fell 2.6% to 318,200 tonnes from the previous month. LME ALUMINIUM: Headline aluminium inventories in LME-registered warehouses rose by 44,200 tonnes to a little under 1.1 million tonnes, the highest since June. PRICES Three month LME copper Most active ShFE copper Three month LME aluminium Most active ShFE aluminium Three month LME zinc Most active ShFE zinc Three month LME lead Most active ShFE lead Three month LME nickel Most active ShFE nickel Three month LME tin Most active ShFE tin ARBS ($1 = 6.9941 Chinese) (Reporting by Naveen Thukral, Editing by Sherry Jacob-Phillips and Subhranshu Sahu)

GRAINS-Soybeans rise for 3rd session on hopes of U.S.-China trade deal

Nov 17 2019

* Soybeans up on positive comments from U.S., China officials * Wheat futures tick higher after three sessions of losses (Adds details in paragraph 5-6, quote in paragraph 7) By Naveen Thukral SINGAPORE, Nov 18 Chicago soybean futures rose for a third consecutive session on Monday on hopes that a trade deal between Washington and Beijing could be signed soon following a report of "constructive talks" between them over the weekend. Wheat edged higher on bargain-buying following three sessions of decline, although gains were limited by abundant world supplies. The most-active soybean contract on the Chicago Board Of Trade was up 0.3% at $9.20-3/4 a bushel by 0318 GMT, having firmed 0.2% on Friday. Wheat added 0.1% to $5.03-1/4 a bushel, having closed down 1% on Friday, while corn was unchanged at $3.71-1/4 a bushel, having lost 1.2% in the last session. Positive comments on trade from officials in Washington and Beijing have raised hopes of a trade deal. Chinese state media said the two sides had "constructive talks" on trade in a high-level phone call on Saturday that included Vice Premier Liu He, U.S. trade representative Robert Lighthizer and Treasury Secretary Steven Mnuchin. "The fact that the two are still talking at senior levels is a good sign," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia. "Or, at least it would be a bad sign if the key individuals were not talking." White House economic adviser Larry Kudlow said last week that the two sides were "getting close" to a deal. Traders and farmers are paying close attention to trade negotiations because U.S. agricultural exports have suffered since Beijing imposed retaliatory tariffs on American soybeans and other farm goods as a part of the trade war. China has resumed purchases on U.S. agriculture products as trade negotiations progressed in recent months. The U.S. Department of Agriculture (USDA) data issued on Friday showed China was the top buyer of U.S. soybeans during the week ended Nov. 7, accounting for 61% of the weekly total of 1.256 million tonnes. U.S. oilseed processors crushed a record-large volume of soybeans in October, according to data from the National Oilseed Processors Association. Weekly U.S. corn export sales were in line with analysts' estimates at 581,600 tonnes. Weekly U.S. wheat export sales of 238,600 tonnes were near the low end of forecast. Grains prices at 0318 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 503.25 0.50 +0.10% -1.13% 511.34 41 CBOT corn 371.25 0.00 +0.00% -1.07% 385.66 30 CBOT soy 920.75 2.50 +0.27% +0.60% 936.62 57 CBOT rice 11.96 $0.07 +0.59% +0.34% $12.04 68 WTI crude 57.84 $0.12 +0.21% +1.88% $55.39 Currencies Euro/dlr $1.106 $0.005 +0.48% +0.47% USD/AUD 0.6817 -0.002 -0.29% -0.34% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral; editing by Uttaresh.V)

GRAINS-Wheat faces 4th week of decline on ample world supplies

Nov 14 2019

* Wheat futures down nearly 5% in 4 weeks of decline * U.S. wheat failing to win business on stiff competition * Uncertainty over U.S.-China trade deal weigh on beans (Adds details, quote) By Naveen Thukral SINGAPORE, Nov 15 Chicago wheat futures were on track on Friday for their fourth week of decline, with stiff competition from the Black Sea region hitting U.S. sales in the global market. Soybeans and corn were poised for a second week of decline amid uncertainty over a U.S.-China trade deal. The most-active wheat contract on the Chicago Board Of Trade is down 0.6% this week, taking the losses in four weeks to nearly 5%. For the week, soybean has given up 1.6%, while corn is down 0.4%. U.S. wheat futures are facing headwinds amid ample global supplies and signs of renewed competition from Russian wheat after a relatively slow start to the country's export season. Egypt's state grain buyer, the General Authority for Supply Commodities, said it bought 465,000 tonnes of Russian and Ukrainian wheat in an international purchase tender for shipment Jan. 5-15. No U.S. wheat was offered in the tender. "U.S. wheat is uncompetitive in most markets," said one Singapore-based grains trader at an international trading company. "Some Asian buyers are taking U.S. wheat and it is just because they take U.S. wheat." The soybean market is focussed on U.S.-China trade deal. The world's two largest economies are trying to finalise a limited deal that focuses largely on increased Chinese purchases of American farm products and the opening of China's financial services market. The United States is getting close to a trade agreement with China, White House economic adviser Larry Kudlow said on Thursday, citing what he called very constructive discussions with Beijing. U.S. agricultural exports to China have suffered over the past year after Beijing in 2018 imposed steep retaliatory tariffs on American soybeans and other farm goods as part of the trade war. The U.S. Department of Agriculture said on Thursday that China bought 129,000 tonnes of U.S. soybeans for delivery during the current marketing year, the first deal for farm products to China the government has reported in a week. Commodity funds were net buyers of CBOT corn, soybean and soyoil futures contracts on Thursday, and net sellers of wheat and soymeal futures, traders said. Grains prices at 0308 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 507.25 -0.50 -0.10% -1.89% 510.90 45 CBOT corn 375.75 0.00 +0.00% -0.53% 386.11 36 CBOT soy 916.75 0.00 +0.00% -0.03% 936.98 29 CBOT rice 11.82 -$0.03 -0.21% -1.21% $12.04 41 WTI crude 57.08 $0.31 +0.55% -0.07% $55.20 Currencies Euro/dlr $1.103 $0.002 +0.18% +0.17% USD/AUD 0.6793 -0.004 -0.64% -0.69% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral; editing by Uttaresh.V and Shailesh Kuber)

GRAINS-Soybeans recover from 1-month low, wheat eases for 2nd session

Nov 13 2019

* Soybeans tick higher after dropping to lowest since Oct. 8 * U.S.-China trade deal hopes fade, pressure on soybean prices (Adds details, quote) By Naveen Thukral SINGAPORE, Nov 14 Chicago soybeans edged up on Thursday, with bargain buying driving the market higher after prices dropped to a one-month low on dwindling hopes for a trade deal between Washington and Beijing. Wheat slid for a second session, weighed down by ample world supplies, while corn ticked up after closing lower in the last session. The most-active soybean contract on the Chicago Board Of Trade was up 0.1% at $9.16-1/2 a bushel by 0330 GMT. The market on Wednesday dropped to its lowest since Oct. 8 at $9.13-1/2 a bushel. Corn was up 0.1% at $3.75-3/4 a bushel, having closed down 0.7% in the previous session and wheat slid 0.1% to $5.08-3/4 a bushel, having lost 1.5% on Wednesday. "There is a lot of uncertainty over the trade deal," said Phin Ziebell, agribusiness economist at National Australia Bank. "Chinese demand for agriculture products is going to be impacted by the African swine fever." U.S.-China trade negotiations have 'hit a snag' over farm purchases, with China not wanting a deal that looks one-sided in the favour of the United States, the Wall Street Journal said on Wednesday, citing people familiar with the matter. U.S. President Donald Trump on Tuesday dangled the prospect of completing an initial trade deal with China "soon", but offered no new details on negotiations. After markets closed on Tuesday, the U.S. Department of Agriculture said the U.S. corn harvest was 66% complete by Sunday, although behind expectations for 68% completion, and the five-year average of 85%. Abundant world supplies are keeping pressure on wheat prices, even though there are concerns about a cold snap in the U.S. plains. Farm office FranceAgriMer on Wednesday increased its forecast of French soft wheat exports for a second month in a row, adding to expectations that France is benefiting from a big harvest and reduced Russian competition for overseas markets. In monthly supply and demand estimates for major cereals, FranceAgriMer pegged French soft wheat shipments outside the European Union this season at 12.0 million tonnes, up from 11.7 million projected last month, and a new four-year high. Commodity funds were net sellers of CBOT corn, wheat, soybean and soyoil futures contracts on Wednesday, and net buyers of soymeal futures, traders said. Grains prices at 0330 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 508.75 -0.25 -0.05% -1.60% 510.95 47 CBOT corn 375.75 0.50 +0.13% -0.53% 386.11 37 CBOT soy 916.50 1.25 +0.14% -0.05% 936.98 31 CBOT rice 11.92 $0.00 -0.04% -0.42% $12.04 46 WTI crude 57.45 $0.33 +0.58% +1.14% $55.08 Currencies Euro/dlr $1.100 $0.000 -0.04% -0.05% USD/AUD 0.6798 -0.004 -0.57% -0.61% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral; Editing by Clarence Fernandez)

GRAINS-Soybeans firm on slow U.S. harvest pace, wheat eases after rally

Nov 12 2019

* Soybeans rise as last phase of U.S. harvest faces weather threat * Concerns over delay in U.S.-China trade deal cap gains * Wheat dips after rally, concerns over cold snap in U.S. Plains (Adds details, quote) By Naveen Thukral SINGAPORE, Nov 13 Chicago soybean futures edged up on Wednesday as a slow pace of U.S. harvest supported prices, although worries that U.S.-China trade talks are stalling kept a lid on the market. Wheat slid after climbing more than 2% on Tuesday amid concerns over a crop-threatening cold snap in the U.S. Plains. The most-active soybean contract on the Chicago Board Of Trade was up 0.2% at $9.18-1/2 a bushel by 0358 GMT. Prices had closed little changed on Tuesday after hitting the Oct. 8 low of $9.15 a bushel. Wheat was down 0.3% at $5.15-1/2 a bushel, having closed up 2.2% on Tuesday and corn lost 0.1% at $3.77-1/4 a bushel, having gained 1.2% in the previous session. "Soybeans are finding support due to the tail-end of harvest delays, although risk is actually bigger to the corn crop," said Ole Houe, director of advisory services at brokerage IKON Commodities in Sydney. "We are still unsure about the U.S.-China trade deal, but seems like it is inching closer." The U.S. Department of Agriculture (USDA) said the soybean harvest was 85% complete, behind analysts' forecasts and below the average pace of 92%. The corn harvest was at 66% complete, behind expectations and lower than a five-year average of 85%, the agency said after the market closed on Tuesday. It said 54% of the winter wheat crop is in good to excellent condition, lagging behind forecasts of a steady rating of 57%. Temperatures dropped to near zero Fahrenheit (-18 Celsius) in wheat-growing areas of the U.S. Plains, including in western Kansas, according to a daily weather report from the USDA. But analysts said it might too early to get worried about the U.S. winter crop which will be harvested in the middle of next year. "Wheat had a bit of an unmotivated rally as it was too early to have real concerns about the cold weather," Houe said. "Global prices eased a couple of dollars last week, so no reason for U.S. futures to run up." The USDA separately reported 528,875 tonnes of U.S. wheat were inspected for export in the week ended Nov. 7. That was slightly above analysts' estimates for 300,000 to 500,000 tonnes. U.S. President Donald Trump on Tuesday dangled the prospect of completing an initial trade deal with China "soon" but offered no new details on negotiations. Commodity funds were net buyers of CBOT corn, wheat, soybean and soymeal futures contracts on Tuesday, and net sellers of soyoil futures, traders said. (Reporting by Naveen Thukral; Editing by Himani Sarkar)

GRAINS-Corn rises from 1-1/2 month low, lower U.S. exports in focus

Nov 11 2019

* Corn futures rise after dropping to weakest since end-Sept * Slower pace of U.S. exports to keep lid on prices * Soybeans tick up, slow progress in U.S.-China trade deal weighs (Adds details, quote) By Naveen Thukral SINGAPORE, Nov 12 Chicago corn futures on Tuesday recovered from a one-and-half month low hit in the last session, though gains were capped due to a slow pace of U.S. exports this year. Soybeans edged higher after dropping to a five-week low on Monday, with slow progress in signing of a trade deal between Washington and Beijing weighing on prices. The most-active corn contract on the Chicago Board Of Trade was up 0.2% at $3.74 a bushel, as of 0353 GMT, having closed 1% lower in the previous session when prices hit a Sept. 30 low of $3.72-1/2 a bushel. Soybeans were up 0.1% at $9.18 a bushel, having hit an Oct. 8 low of $9.16 a bushel on Monday, while wheat added 0.2% to $5.06-1/2 a bushel. "The USDA's new forecasts proved mostly unexciting," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia. "The market is thus focussed on what must happen to speed (up) U.S. corn exports. The price pressure in the supply pipeline will just keep on building until that export outflow grows." The U.S. Department of Agriculture's (USDA) on Friday lowered its corn harvest outlook to 13.661 billion bushels, from 13.779 billion a month earlier. End-of-season U.S. corn stocks were trimmed to a still-abundant 1.91 billion bushels, while exports were lowered by 50 million bushels. In the soybean market, there was caution ahead of a speech by U.S. President Donald Trump to the Economic Club of New York later in the day in case there was any new word on the Sino-U.S. Phase one trade deal. Trump wrongfooted markets over the weekend when he said there had been incorrect reporting about U.S. willingness to lift tariffs on China. Drier U.S. weather is expected to help farmers advance corn and soybean harvests that have been delayed by cold and wet conditions. More snow and rain fell in the Midwest on Monday. The USDA will issue an update on harvest progress in a weekly report on Tuesday, one day later than normal because of the Veterans Day holiday. Commodity funds were net sellers of CBOT corn, wheat, soybean, soymeal and soyoil futures contracts on Monday, traders said. Grains prices at 0353 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 506.50 0.75 +0.15% -1.17% 509.03 41 CBOT corn 374.00 0.75 +0.20% -0.33% 387.48 31 CBOT soy 918.00 1.00 +0.11% -1.98% 938.43 34 CBOT rice 12.07 $0.05 +0.46% +0.33% $12.05 57 WTI crude 56.84 -$0.02 -0.04% -0.70% $54.76 Currencies Euro/dlr $1.103 $0.002 +0.15% -0.14% USD/AUD 0.6842 -0.002 -0.25% -0.80% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral; editing by Uttaresh.V)

GRAINS-Corn falls on weak demand, soybeans ease for 2nd session

Nov 10 2019

* Corn loses ground on disappointing U.S. exports this year * Strong dollar, U.S.-China trade concerns weigh on prices (Adds details, quote) By Naveen Thukral SINGAPORE, Nov 11 Chicago corn futures lost ground on Monday, giving up last session's gains as a firmer dollar and weak demand put pressure on prices, although losses were capped by a lower-than-expected U.S. production forecast. Soybeans slid for a second session, while wheat fell for a third consecutive session. The most-active corn contract on the Chicago Board Of Trade was down 0.4% at $3.75-3/4 a bushel by 0340 GMT. It had gained 0.5% in the previous session. Soybeans were down 0.5% at $9.26-1/2 a bushel, having closed down 0.6% on Friday. Wheat lost 0.2% to $5.09 a bushel, following a 0.4% slide in the previous session. "A stronger dollar and poor demand for U.S. supplies are weighing on corn and beans," said Phin Ziebell, agribusiness economist at National Australia Bank. The uncertainty surrounding an interim U.S.-China trade agreement also poses a risk to prices, he added. President Donald Trump on Friday said he has not agreed to rollbacks of U.S. tariffs sought by China, sparking fresh doubts about when the world's two largest economies may end a 16-month trade war that has slowed global growth. However, prices were lent some support by the U.S. Department of Agriculture's (USDA) move to lower its corn harvest outlook on Friday to 13.661 billion bushels, from 13.779 billion a month earlier. The outlook was based on an average yield of 167.0 bushels per acre (bpa), down from 168.4 previously. End-of-season U.S. corn stocks were trimmed to a still-abundant 1.91 billion bushels, while exports were lowered by 50 million bushels. The agency pegged the soybean crop at 3.550 billion bushels, with yields seen at 46.9 bpa, unchanged from October. Forward sales of Argentine corn and soybeans are zooming higher versus last year as growers hedge against possible increases in export taxes under President Alberto Fernandez, who is set to take office on Dec. 10. In parts of Europe, heavy rains have delayed grain sowings with the situation particularly severe in Britain where they could trigger a significant shift to spring planted crops. Large speculators widened their net short position in Chicago Board of Trade corn futures in the week ended Nov. 5, regulatory data released on Friday showed. The Commodity Futures Trading Commission's supplemental commitments of traders report showed that noncommercial traders, a category that includes hedge funds, expanded their net short position in CBOT corn to 156,448 contracts, an increase of 12,480 lots for the week. Grains prices at 0340 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 509.00 -1.25 -0.24% -0.68% 509.12 45 CBOT corn 375.75 -1.50 -0.40% +0.13% 387.53 30 CBOT soy 926.50 -4.50 -0.48% -1.07% 938.72 39 CBOT rice 11.98 -$0.06 -0.50% -0.42% $12.05 60 WTI crude 56.85 -$0.39 -0.68% -0.52% $54.66 Currencies Euro/dlr $1.102 $0.001 +0.05% -0.24% USD/AUD 0.6856 0.000 -0.04% -0.59% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral; Editing by Aditya Soni)

GRAINS-Corn stays weak as USDA crop report looms

Nov 08 2019

* Corn eases for 7th session, holds near 5-week low * Weak export demand, harvest supplies curb corn * Price moves modest as traders awaits USDA crop report * Soybeans little changed after gains on U.S.-China hopes (Updates with European trading, changes byline/dateline) By Gus Trompiz and Naveen Thukral PARIS/SINGAPORE, Nov 8 Chicago corn futures eased for a seventh straight session on Friday, pressured by harvest supplies and weak export demand ahead of closely watched U.S. government forecasts that will give further clues about crop yields. Soybeans were little changed after rising on Thursday on renewed optimism about an interim U.S.-China trade deal, while wheat ticked lower in step with corn. Price movements were limited before the U.S. Department of Agriculture's (USDA) monthly supply and demand outlook due at 1700 GMT. The report will include fresh estimates of rain-delayed U.S. corn and soybean crops as well as upcoming wheat harvests in drought-affected Australia and Argentina. The most-active corn contract on the Chicago Board Of Trade was down 0.3% at $3.74-1/4 a bushel by 1233 GMT and on course for its biggest loss in two months. CBOT soybeans edged down a quarter of a cent to $9.36-1/4 a bushel while wheat eased 0.4% to $5.10-1/2. "It's status quo on the market before the USDA report," Gautier Le Molgat of consultancy Agritel said. "The U.S. corn harvest is advancing so there is some supply pressure and the latest yield reports are not too bad," he said. "For the wheat market, the big question in the USDA report this evening will be southern hemisphere production, particularly for Argentina." Chicago corn and wheat futures were also curbed by weekly export sales on Thursday that were near the low end of trade expectations. In contrast, weekly soybean export sales of about 1.8 million tonnes were above trade expectations. The weekly soybean exports included 956,300 tonnes for China, and the USDA said private exporters sold another 136,000 tonnes of soybeans to China this week. The export data added to positive sentiment about U.S.-Chinese trade negotiations, fuelled by comments from officials from both sides on Thursday that the countries will roll back tariffs on each others' goods in a "phase one" trade deal if it is completed. Prices at 1233 GMT Last Change Pct End Ytd Pct Move 2018 Move CBOT wheat 510.50 -2.00 -0.39 503.25 1.44 CBOT corn 374.25 -1.00 -0.27 375.00 -0.20 CBOT soy 936.25 -0.25 -0.03 895.00 4.61 Paris wheat Dec 178.00 -0.25 -0.14 191.25 -6.93 Paris maize Jan 163.75 0.00 0.00 175.00 -6.43 Paris rape Feb 388.75 0.75 0.19 366.00 6.22 WTI crude oil 56.31 -0.84 -1.47 45.41 24.00 Euro/dlr 1.10 0.00 -0.20 1.1469 -3.85 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne (Reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; editing by Uttaresh.V and Giles Elgood)

GRAINS-Corn set for biggest weekly loss in 2 months on weak demand

Nov 07 2019

* Corn down 3.5% this week on poor demand for U.S. cargoes * Soybeans unmoved after firming 1% on Thursday * U.S.-China trade deal hopes may support prices (Recasts with move in corn market, adds quote) By Naveen Thukral SINGAPORE, Nov 8 Chicago corn futures on Friday were on track for their biggest weekly loss in two months, as lower demand for U.S. supplies and harvest pressure weighed on the market. Soybeans were little changed after closing nearly 1% higher on Thursday on renewed optimism about an interim U.S.-China trade deal after government officials said it could include a phased rollback of tariffs. The most-active corn contract on the Chicago Board Of Trade is down 3.5% this week, the biggest loss since Sept. 6. Soybeans were almost flat for the week after climbing 1.8% last week and wheat has lost 0.6% this week, the third straight weekly loss. Export sales of U.S. corn and wheat were near the low end of trade expectations, which weighed on both markets, according to the U.S. Department of Agriculture (USDA) data. "U.S. export sales data published overnight continue to show that sales are slow," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia. "U.S. export sales are, by one methodology, about 4 million tonnes behind where they would normally be by now. That anomaly is just too big to ignore, so prices fell." The USDA said about 1.8 million tonnes of soybeans were sold for export last week, above expectations for 600,000 to 1.2 million tonnes. The sales included 956,300 tonnes bound for China. The USDA said private exporters sold another 136,000 tonnes of the soybeans to China this week. China and the United States have agreed to roll back tariffs on each others' goods in a "phase one" trade deal if it is completed, officials from both sides said on Thursday, sparking division among some advisers to President Donald Trump. Price moves were restrained by caution ahead of Friday's USDA report, scheduled for release at noon EST (1700 GMT), with the consensus in a Reuters poll suggesting it will cut the outlook for both U.S. soybeans and corn. Commodity funds were net sellers of CBOT corn, wheat and soyoil futures contracts on Thursday, and net buyers of soybean and soymeal futures, traders said. Grains prices at 0301 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 513.00 0.50 +0.10% -0.73% 508.77 49 CBOT corn 375.75 0.50 +0.13% -0.79% 387.89 25 CBOT soy 936.50 0.00 +0.00% +0.97% 938.73 54 CBOT rice 12.02 -$0.02 -0.12% +0.13% $12.05 56 WTI crude 56.90 -$0.25 -0.44% +0.98% $54.55 Currencies Euro/dlr $1.105 $0.000 +0.02% -0.13% USD/AUD 0.6878 -0.002 -0.28% -0.06% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral; editing by Uttaresh.V)

World News