Soybeans edge higher as traders hope for U.S.-China trade deal

SYDNEY, Feb 19 (Reuters) - U.S. soybean futures edged higher
on Tuesday as optimism grew about a trade deal between
Washington and Beijing ahead of a visit to the U.S. capital by
China's vice premier.

FUNDAMENTALS
* The most active soybean futures on the Chicago Board Of
Trade were up 0.3 percent to $9.10-1/2 a bushel by 0129
GMT, having firmed 0.4 percent on Friday. The market was closed
on Monday for the Presidents Day holiday.
* The most active corn futures were up 0.3 percent to
$3.75-3/4, having closed unchanged in the previous session.
* The most active wheat futures were little changed at
$5.04-3/4 a bushel, having closed down 0.5 percent on Friday
when prices hit a low of $4.99-1/4 a bushel - the lowest since
Oct 31, 2018.
* Chinese Vice Premier Liu He will visit Washington on
Thursday and Friday to continue trade negotiations with the
United States, the Commerce Ministry in Beijing said.

* The U.S. soybean crush in January was the fourth largest
for any month on record and the biggest ever for the first month
of the year, topping most trade estimates, according to National
Oilseed Processors Association (NOPA) data released on Friday.

* Algeria's state grains agency last week bought 600,000
tonnes of milling wheat at a tender at around $247 to $247.50
per tonne, cost and freight included, European traders said.
That was about $15 per tonne cheaper than an Algerian purchase
in early January.

MARKET NEWS
* The dollar held steady against its peers on Tuesday,
lacking strong direction as U.S. markets were shut for a holiday
the previous day, while the euro's latest bounce slowed as the
focus drifted back to the economy and European Central Bank
policy.
* U.S. oil prices hit a three-month high on Tuesday, buoyed
by production cuts led by the Organization of the Petroleum
Exporting Countries.
* Wall Street rallied on Friday, with the Dow and the Nasdaq
posting their eighth consecutive weekly gains as investors grew
hopeful that the United States and China would hammer out an
agreement resolving their protracted trade war.

DATA/EVENT AHEAD (GMT)
0930 Britain Unemployment Claimant Count Jan
0930 Britain Employment Change Dec
0930 Britain Average Wk Earnings 3M YY Dec
1000 Germany ZEW Economic Sentiment Feb
1000 Germany ZEW Current Conditions Feb
1300 Russia Unemployment Rate Jan
1500 U.S. NAHB Housing Market Index Feb
ECB Vice President Luis de Guindos participates in a panel
session at the 2019 European Parliamentary Week in Brussels.

Grains prices at 0129 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 504.75 0.50 +0.10% -0.44% 517.51 30
CBOT corn 375.75 1.00 +0.27% +0.27% 377.93 44
CBOT soy 910.50 3.00 +0.33% +0.77% 913.67 47
CBOT rice 10.09 $0.00 +0.00% -0.93% $10.55 14
WTI crude 55.72 $0.13 +0.23% +2.41% $52.97 71
Currencies
Euro/dlr $1.130 $0.000 -0.04% +0.09%
USD/AUD 0.7122 -0.001 -0.11% -0.24%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
RSI 14, exponential

(Reporting by Colin Packham; editing by Richard Pullin)


2019-02-19 03:57:53

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