SINGAPORE - Chicago soybean futures lost ground for a second day on Wednesday after hitting their lowest in almost a decade in the last session with prices pressured by escalating U.S.-China trade war. Corn slid for a sixth session, while wheat was unmoved after dropping to its lowest since late April on Tuesday.
* Soybeans came under pressure after U.S. President Donald Trump threatened to impose a 10 percent tariff on another $200 billion of Chinese goods. China's commerce ministry described the threat as "blackmailing" and said Beijing would fight back.
* Trump's threat followed his administration's announcement of tariffs on $50 billion of Chinese goods last week, which triggered retaliatory tariffs by Beijing on a slate of U.S. products, including soybeans and corn.
* The United States exported $12.4 billion worth of soybeans to China last year, the single most valuable U.S. agricultural export product to its Asian rival.
* Benign weather across the U.S. Midwest added pressure on prices.
* The U.S. Department of Agriculture late on Monday rated 78 percent of the U.S. corn crop in good to-excellent condition, up 1 percentage point from a week earlier, topping trade expectations.
* The USDA rated 73 percent of the soybean crop as good to excellent, down from 74 percent the previous week, but still unusually high.
* CBOT wheat faced seasonal harvest pressure, with the USDA reporting the winter wheat harvest as 27 percent complete, ahead of the five-year average of 19 percent.
* Commodity funds were net sellers of Chicago Board of Trade corn, soybean, wheat, soyoil and soymeal contracts on Tuesday, traders said.
* Stocks in Asia rebounded from recent losses on Wednesday as investors sought bargains, a day after the spectre of a U.S.-China trade war drove down bond yields, and share and commodity prices.
DATA/EVENT AHEAD (GMT)
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(Reporting by Naveen Thukral, Editing by Sherry Jacob-Phillips)
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