GRAINS-Soybeans recover a little from Trump's China broadside
CANBERRA, Oct 13 (Reuters) - Chicago soybean futures steadied on Monday, after losing 1.5% in the last session when an escalation in U.S.-China trade tensions reduced hopes that Beijing would end its boycott of U.S. beans.
Corn and wheat futures followed soybeans, rising slightly after dropping sharply on Friday.
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 climbed 0.3% to $10.09-3/4 a bushel by 0100 GMT, with CBOT corn Cv1 also rising 0.3% to $4.14-1/4 a bushel and wheat Wv1 gaining 0.5% to $5.01 a bushel.
* All three contracts are under pressure from ample global supply, with prices far below the highs hit in 2022 and wheat slipping to a five-year low on Friday.
* U.S. President Donald Trump said on Friday he would sharply raise tariffs on China in retaliation against Beijing's announcement of port fees for U.S. vessels and curbs on Chinese critical mineral exports.
* The burst of protectionism knocked global stock markets and oil prices. MKTS/GLOB LCOc1
* Trump also cast doubt on whether he would meet President Xi Jinping later this month as planned, undermining hopes that the talks could lead to a resumption of Chinese purchases of U.S. soybeans.
* China, typically the largest buyer of U.S. soy with imports worth billions of dollars annually, has not bought any from the new harvest, weighing on demand and pushing prices lower in the U.S.
* In wheat markets, consultants Sovecon raised their forecast for Russia's 2025 wheat crop on Friday to 87.8 million metric tons from 87.2 million tons. Russia is the world's largest wheat exporter.
MARKETS NEWS
* Asian stocks were set for a rocky start on Monday after fresh broadsides in the U.S.-China trade war spooked markets with already stretched valuations, though there were signs risk sentiment had steadied with Wall Street futures bouncing. MKTS/GLOB
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