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Soybeans recover from 1-month low, wheat eases for 2nd session

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SINGAPORE — Chicago soybeans edged up on

Thursday, with bargain buying driving the market higher after

prices dropped to a one-month low on dwindling hopes for a trade

deal between Washington and Beijing.

Wheat slid for a second session, weighed down by ample world

supplies, while corn ticked up after closing lower in the last

session.

The most-active soybean contract on the Chicago Board Of

Trade was up 0.1% at $9.16-1/2 a bushel by 0330 GMT. The

market on Wednesday dropped to its lowest since Oct. 8 at

$9.13-1/2 a bushel.

Corn was up 0.1% at $3.75-3/4 a bushel, having closed

down 0.7% in the previous session and wheat slid 0.1% to

$5.08-3/4 a bushel, having lost 1.5% on Wednesday.

“There is a lot of uncertainty over the trade deal,” said

Phin Ziebell, agribusiness economist at National Australia Bank.

Chinese demand for agriculture products is going to be

impacted by the African swine fever.”

U.S.-China trade negotiations have ‘hit a snag’ over farm

purchases, with China not wanting a deal that looks one-sided in

the favor of the United States, the Wall Street Journal said on

Wednesday, citing people familiar with the matter.

U.S. President Donald Trump on Tuesday dangled the prospect

of completing an initial trade deal with China “soon,” but

offered no new details on negotiations.

After markets closed on Tuesday, the U.S. Department of

Agriculture said the U.S. corn harvest was 66% complete by

Sunday, although behind expectations for 68% completion, and the

five-year average of 85%.

Abundant world supplies are keeping pressure on wheat

prices, even though there are concerns about a cold snap in the

U.S. plains.

Farm office FranceAgriMer on Wednesday increased its

forecast of French soft wheat exports for a second month in a

row, adding to expectations that France is benefiting from a big

harvest and reduced Russian competition for overseas markets.

In monthly supply and demand estimates for major cereals,

FranceAgriMer pegged French soft wheat shipments outside the

European Union this season at 12.0 million tonnes, up from 11.7

million projected last month, and a new four-year high.

Commodity funds were net sellers of CBOT corn, wheat,

soybean and soyoil futures contracts on Wednesday, and net

buyers of soymeal futures, traders said.

Grains prices at 0330 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI

CBOT wheat 508.75 -0.25 -0.05% -1.60% 510.95 47

CBOT corn 375.75 0.50 +0.13% -0.53% 386.11 37

CBOT soy 916.50 1.25 +0.14% -0.05% 936.98 31

CBOT rice 11.92 $0.00 -0.04% -0.42% $12.04 46

WTI crude 57.45 $0.33 +0.58% +1.14% $55.08

Currencies

Euro/dlr $1.100 $0.000 -0.04% -0.05%

USD/AUD 0.6798 -0.004 -0.57% -0.61%

Most active contracts

Wheat, corn and soy US cents/bushel. Rice: USD per

hundredweight

RSI 14, exponential

(Reporting by Naveen Thukral; Editing by Clarence Fernandez)

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