GRAINS-Soybeans steady as Trump's comments calm market amid US-China trade tensions
By Michael Hogan
HAMBURG, Oct 13 (Reuters) - Chicago soybean futures firmed on Monday, as U.S. President Donald Trump's weekend comments calmed markets after trade tensions between the United States and China had triggered a sharp decline in the previous session.
Wheat was burdened by large global supplies again around 5-year lows also seen on Friday. Corn rose with U.S. harvest progress watched as the U.S. government shutdown depriving traders of U.S. Department of Agriculture (USDA) data.
Chicago Board of Trade most active soybeans Sv1 rose 0.2% to $10.09-1/4 a bushel at 1048 GMT.
Corn Cv1 rose 0.1% to $4.13-1/4 a bushel, wheat Wv1 fell 0.5% to $4.95-3/4 a bushel.
"After President Trump's threat of 100% import tariffs on Chinese goods had caused a market slump on Friday, Trump's more conciliatory comments on Sunday provided some soybean price support today," said Matt Ammermann, commodity risk manager at StoneX.
"But there seems to be no real signs a U.S./China trade deal is close with China still taking a hard line. Brazil's soybean crop looks positive, so China will again have an alternative to U.S. supplies in coming months."
China, usually a huge buyer of U.S. soybeans, has stopped U.S. purchases.
U.S. corn and soybean harvests are advancing but traders will not receive their usual detailed Monday USDA crop progress report.
"U.S. soybean and corn harvesting appear to be progressing well in overall favourable weather with slight rain forecast this week unlikely to disrupt work," he said. "But absent USDA crop progress data during the U.S. government shutdown is creating market hesitation."
Wheat export competition is intensifying with Russian exports increasing.
"Wheat remains pressured by big global supplies with increases in crop forecasts from the big exporters coming almost every week, as seen for Russia and Argentina," Ammermann said. "Main exporting countries have about 30 million tons more to sell than last year, this is bearish."
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