February 1, 2019 / 2:30 AM / 15 days ago

GRAINS-Soybeans firm as market eyes U.S.-China trade breakthrough

    SYDNEY, Feb 1 (Reuters) - U.S. soybean prices rose more than
0.5 percent on Friday amid heightened hopes for a trade deal
between Washington and Beijing, although the oilseed was still
on course to post a fall for the week.
             
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of
Trade were down nearly 0.5 percent for the week, set for
the first weekly loss in three weeks.
    * The most active corn futures edged up slightly on
Friday but were down nearly 1 percent for the week, heading for
a second straight weekly loss.
    * The most active wheat futures dipped slightly to be
down nearly 1 percent for the week, facing the biggest weekly
loss in six weeks.
    * China's trade delegation said the latest round of talks
with the United States made "important progress" for the current
stage, China's official Xinhua news agency reported on Friday.

    * U.S. President Donald Trump said on Thursday he will meet
with Chinese President Xi Jinping soon to try to seal a
comprehensive trade deal as Trump and his top trade negotiator
both cited substantial progress in two days of high-level talks.
    * Corn was pressured in part by the Buenos Aires Grains
Exchange raising its estimate of Argentina's corn crop to 45
million tonnes, from 43 million previously, citing
better-than-expected yields.
    * The U.S. Department of Agriculture (USDA) reported export
sales of U.S. corn in the week to Dec. 20 at 1.75 million tonnes
(old and new crop years combined), above trade expectations for
1.050 million to 1.6 million tonnes.
    * Wheat supported by worries over dry weather in Australia.
Its western coast is facing hot, dry weather over the next three
months, the country's meteorology bureau said, denting the
outlook for wheat production in the world's fourth-largest
exporter.
         
    MARKET NEWS  
    * The Australian and New Zealand dollars held steady versus
the greenback on Friday, as the Federal Reserve's more dovish
stance and improved prospects for a U.S.-Sino trade deal boosted
investor risk appetite.  
    * Oil prices rose on Friday, lifted by OPEC's supply cuts
and hopes the United States and China could soon settle their
trade disputes.  
    * Wall Street ascended on Thursday, with the S&P 500
wrapping up its biggest monthly increase since 2015 after strong
earnings from Facebook Inc added to optimism after the
Federal Reserve's dovish remarks.  
    
    DATA/EVENTS (GMT)
0855    Germany        Markit/BME Mfg PMI            Jan
0900    EU             Markit Mfg Final PMI          Jan
0930    Britain        Markit/CIPS Mfg PMI           Jan
1000    EU             HICP Flash                    Jan
1100    Brazil         Industrial Output             Dec
1330    US             Non-Farm Payrolls             Jan 
1330    US             Unemployment Rate              Jan
1330    US             Average Earnings              Jan
1500    US             ISM Manufacturing PMI         Jan
        
 Grains prices at  0208 GMT
 Contract      Last  Change  Pct chg   Two-day chg   MA 30   RSI 
 CBOT wheat  515.75   -0.75   -0.15%        -0.19%  516.00     42
 CBOT corn   377.00    0.50   +0.13%        -1.11%  378.03     47
 CBOT soy    921.50    6.25   +0.68%        +0.05%  909.22     61
 CBOT rice    10.62   $0.01   +0.09%        -0.09%  $10.58     50
 WTI crude    53.61  -$0.18   -0.33%        -1.14%  $49.96     59
 Currencies                                                      
 Euro/dlr    $1.144  $0.000   -0.01%        -0.30%               
 USD/AUD     0.7246  -0.003   -0.36%        +0.00%               
 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)
  
Nuestros Estándares:Los principios Thomson Reuters
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