SYDNEY - U.S. soybeans edged higher on Monday, retreating from a one-year low touched in the previous session, though gains were checked amid concerns of a trade war between the United States and China.        

FUNDAMENTALS 

The most active soybean futures on the Chicago Board Of Trade were up 0.3 percent to $9.08-1/2 a bushel by 0145 GMT, having closed down 2.4 percent on Friday when prices hit a low of $9.03 a bushel - the lowest since June 2017.

The most active corn futures were down 0.4 percent to $3.60-1/2 a bushel, having earlier hit a low of $3.55-1/4 a bushel - the lowest since Jan 2018.

The most active wheat futures were down 0.7 percent at $4.96 a bushel, having closed down 0.7 percent on Friday.

Soybeans under pressure amid a trade fight between the United States and China, limiting demand from the world's largest oilseed importer.

U.S. President Donald Trump announced hefty tariffs on $50 billion of Chinese imports on Friday, with collection beginning on July 6.

China hit back, with its commerce ministry saying it will impose 25 percent tariffs on 659 U.S. goods worth $50 billion in response, including soybeans starting July 6.

Trade concerns also weighed on the corn market as Mexico could strike at $4 billion in annual imports of U.S. corn and soybeans if Trump escalates a trade spat with new tariffs, officials told Reuters this week.        

MARKET NEWS 

The dollar edged up towards a seven-month high against a basket of its peers on Monday after the market digested a flurry of news, although U.S.-China trade tensions slowed its gains.

Oil prices fell further on Monday, pulled down by expectations that producer club OPEC and its allies will increase supplies.     

(Reporting by Colin Packham; Editing by Sunil Nair)

© Reuters News 2018