GRAINS-Soybeans climb as trade talks progress - Successful Farming

gamagana.blogspot.com

(New throughout; updates byline, dateline, previous PARIS/SYDNEY)

By Christopher Walljasper

CHICAGO, June 19 (Reuters) - Chicago soybean futures gained on Friday as trade talks with China continued, invigorating hopes the top soybean importer would reach earlier export estimates.

Wheat fell as the U.S. winter wheat harvest progressed, while corn inched higher on technical positioning.

The most active soybean futures on the Chicago Board of Trade added 4-1/2 cents to $8.77-1/2 per bushel, as of 11:06 a.m. (16:06 GMT) after reaching $8.80-1/2, the highest since April 1.

Wheat fell 2-1/4 cents to $4.81-1/4 per bushel, up from $4.76, the lowest since Sept. 11, while corn gained 1-1/4 cents to $3.32-1/4 per bushel.

Talks this week between U.S. and Chinese officials encouraged hopes that Beijing would continue to buy American farm goods, as called for under a trade agreement.

However, fresh threats by U.S. President Donald Trump to cut ties with China put tensions back in the spotlight.

U.S. soybean export sales last week to China were the biggest weekly total since September, the U.S. Department of Agriculture said on Thursday.

"There’s optimism in additional sales to China," said Bill Lapp, ag economist at Advanced Economic Solutions.

Wheat fell for the fourth straight day, as rains across Europe assuaged worries after a dry spring and an advancing U.S. winter wheat harvest that has shown some better than expected yields.

"When we look at the wheat market, this is a tough time for us to sustain a rally, particularly in the first half of the winter wheat harvest," said Arlan Suderman, chief commodities economist at INTL FCStone.

Corn also gained on technical positioning, Lapp said.

"When they’re this short, and to have this big of a position on, to have an adjustment in the market just should surprise us," he said. (Reporting by Christopher Walljasper; additional reporting by Gus Trompiz in Paris and Colin Packham in Sydney; editing by Jonathan Oatis)

© Copyright Thomson Reuters 2020. Click For Restrictions - http://about.reuters.com/fulllegal.asp

Let's block ads! (Why?)

"trade" - Google News
June 19, 2020 at 11:32PM
https://ift.tt/312m4kH

GRAINS-Soybeans climb as trade talks progress - Successful Farming
"trade" - Google News
https://ift.tt/2VQiPtJ