GRAINS-Soybean futures stabilise on US-China trade war truce; wheat dips on USDA report
BEIJING, May 13 (Reuters) - Chicago soybean futures eased on Tuesday, after hitting a three-month high in the previous session following a temporary truce in the U.S.-China trade war and a bullish U.S. Department of Agriculture report.
Wheat fell, pressured by high U.S. and global ending stocks in the USDA report, weak exports and favourable weather. Corn also edged lower.
FUNDAMENTALS
* The most-active CBOT soybean contract Sv1 eased 0.3% to $10.68 a bushel, as of 0031 GMT, following three sessions of gains.
* Wheat Wv1 slipped 0.44% to $5.13 a bushel, hovering near lifetime lows. Corn Cv1 dipped 0.28% to $4.47 per bushel.
* On Monday, China, the largest soy importer, and the U.S. reached a deal to temporarily cut reciprocal tariffs, raising hopes for a revival in Chinese demand for U.S. farm goods.
* China forecast soybean imports would fall next year, thanks to a reduction in soymeal's use in the livestock sector, in its first outlook for the upcoming 2025/26 crop year released on Monday.
* The USDA's first forecast for next year's corn inventories fell short of analysts' estimates. Its estimates for global and U.S. soybean supplies also missed expectations.
* The USDA pegged both U.S. and global 2025-26 wheat ending stocks above analyst estimates, weighing on wheat prices.
* Wheat prices have been pressured by weak U.S. exports and favourable weather across the U.S. Plains.
* Commodity funds were net buyers of soybean, soyoil, soymeal, and corn futures contracts on Monday, traders said. They were net sellers of wheat. COMFUND/CBT
MARKET NEWS
* Global shares rallied, while gold and safe-haven currencies slumped against a resurgent dollar on Monday as the U.S. and China agreed to temporarily slash harsh reciprocal tariffs and cooperate to avoid rupturing the global economy.MKTS/GLOB
DATA/EVENTS (GMT)
0600 UK Claimant Count Unem Chng, HMRC Payrolls Change Apr
0600 UK ILO Unemployment Rate Mar
0900 Germany ZEW Economic Sentiment, Current Conditions May
1230 US Core CPI MM, SA, YY, NSA Apr
1230 US CPI MM, SA, YY, NSA, Wage Earner Apr
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