GRAINS-Soybeans fall to near two-week low as U.S. exports slow

SYDNEY, Oct 22 (Reuters) – U.S. soybean futures fell for a third session in a row to hit a near two-week low on Monday as a trade war between Washington and China depressed demand for North American supplies.

FUNDAMENTALS

* The most active soybean futures on the Chicago Board Of Trade were down 0.1 percent at $8.56 a bushel by 0119 GMT, near the session low of $8.55-1/2 a bushel – the lowest since Oct. 11. Soybeans closed down 0.8 percent on Friday and 2.5 percent in the session before.

* The most active corn futures eased 0.3 percent to $3.66 a bushel, near the session low of $3.65-1/2 a bushel – also the lowest since Oct 11. Corn fell 1 percent in the previous session.

* The most active wheat futures fell 0.6 percent at $5.11-1/2 a bushel, having closed up 0.3 percent on Friday.

* The U.S. Department of Agriculture said private exporters canceled sales of 180,000 tonnes of U.S. soybeans to China, the world’s biggest buyer.

* The USDA’s weekly U.S. export sales figures for both soybeans and corn, released on Thursday, fell well below trade expectations.

* Ukraine’s agriculture ministry has increased its forecast for the 2018 grain harvest to 64 million tonnes from the previous estimate of 63.1 million tonnes, acting minister Maxym Martyniuk said on Saturday.

MARKET NEWS

* The euro and the British pound edged down against the dollar on Monday as investors awaited developments around Brexit as well as Italy’s budget plan which drew heavy criticism from the European Union.

* Oil prices were stable on Monday, supported by supply concerns ahead of the start of U.S. sanctions against Iran’s crude exports, but held back by rising drilling activity in the United States.

DATA AHEAD (GMT)

1230 U.S. National activity index Sep

Grains prices at 0119 GMT

Contract Last Change Pct chg Two-day chg MA 30 CBOT wheat 511.50 -3.25 -0.63% -0.29% 515.31 CBOT corn 366.00 -1.00 -0.27% -1.28% 362.62 CBOT soy 856.00 -0.75 -0.09% -0.87% 853.34 CBOT rice 11.23 $0.00 +0.00% +2.46% $10.47 WTI crude 69.07 -$0.05 -0.07% +0.61% $71.69

Currencies

Euro/dlr $1.150 -$0.001 -0.10% +0.43% USD/AUD 0.7088 -0.003 -0.45% -0.15%

Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential

(Reporting by Colin Packham; editing by Richard Pullin)

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