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SYDNEY - U.S. soybean futures rose for a fourth consecutive session on Tuesday as hopes for a deal to ease a trade war between Washington and Beijing stoked expectations for increased demand for North American supplies.
FUNDAMENTALS
The most active soybean futures on the Chicago Board Of Trade rose 0.3 percent to $9.19 a bushel by 0133 GMT, having firmed 1 percent on Friday when prices hit a high of $9.20-1/4 a bushel - the highest since Jan. 10.
The most active corn futures were down 0.1 percent to $3.81-1/4 a bushel, having gained 0.5 percent in the previous session.
The most active wheat futures advanced 0.2 percent to $5.19 a bushel, having closed unchanged on Friday.
Grain market closed on Monday for U.S. public holiday.
Rumours of large-scale U.S. grain purchases by China riled markets recently, but official confirmation of such deals has not been available due to the partial U.S. government shutdown that has shuttered numerous divisions of the U.S. Department of Agriculture.
Bloomberg reported lat week that China offered to go on a six-year buying spree to ramp up imports from the United States in an effort to cut its trade imbalance.
MARKET NEWS
The dollar hovered near 2-week highs against its peers on Tuesday as a slowdown in China's economy to 28-year lows revived investor concerns over global growth and supported safe-haven currencies.
Oil prices edged lower on Tuesday as concerns over global economic growth stoked fears over future demand.
DATA/EVENT AHEAD (GMT)
0930 Britain Unemployment Claimant Count Dec
0930 Britain ILO Unemployment Rate Nov
0930 Britain Avg Wk Earnings Nov
1000 Germany ZEW Economic Sentiment Jan
1000 Germany ZEW Current Conditions Jan
1500 U.S. Existing Home Sales Dec
Grains prices at 0133 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 519.00 1.25 +0.24% +0.24% 518.91 59
CBOT corn 381.25 -0.50 -0.13% +0.33% 379.78 58
CBOT soy 919.00 2.25 +0.25% +1.24% 910.52 68
CBOT rice 10.58 -$0.04 -0.42% +0.76% $10.57 62
WTI crude 53.73 -$0.07 -0.13% +3.19% $49.33 70
Currencies
Euro/dlr $1.137 $0.001 +0.05% +0.08%
USD/AUD 0.7154 0.000 -0.06% -0.18%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential
(Reporting by Colin Packham; Editing by Shreejay Sinha)
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