(Updates prices, adds detail) By Emily Chow and Sybille de La Hamaide SHANGHAI/PARIS, Dec 24 (Reuters) - U.S. soybeans fell on Tuesday, slipping from a six-week high hit in the previous session, as expectations of top consumer China ramping up soy purchases following an announcement of a Phase 1 China-U.S. trade deal stoked demand concerns. The most active soybeans contract was down 0.5% at $9.25-1/4 a bushel around 1151 GMT, and was in line to snap a two-session rally. China and the United States struck a so called "Phase 1" trade deal that includes a commitment by Beijing to increase purchases of U.S. agricultural products. China's top agriculture consultancy said last week that the country will make good on a pledge to buy more than $40 billion of American farm goods. Corn and wheat, however, remained rangebound ahead of a public holiday on Wednesday. The most active wheat contract was up 0.2% on Tuesday at $5.40-1/2 a bushel, while the most active corn futures contract was up 0.1% at $3.88-1/2 a bushel. The U.S. Department of Agriculture reported on Monday that exporters sold 126,000 tonnes of soybeans for delivery to China during the 2019/2020 marketing year, while also changing destinations of 220,500 tonnes of soybeans to Netherlands and Saudi Arabia. Meanwhile, export prices for Russian wheat rose for a sixth straight week last week due to a stronger rouble against the dollar and demand ahead of Russia's New Year holiday, analysts said. Russian state-controlled grain trader United Grain Company (UGC) has drafted a new strategy aimed at increasing its own grain purchases and trade to 8 million tonnes a year by 2024, Russian daily the Kommersant reported on Monday. Morocco will suspend customs duty on soft wheat from Jan. 2 to April 30 to ensure regular supplies and stable prices in the domestic market, according to a draft decree seen by Reuters on Tuesday. The suspension of the 35% customs duty will be officially announced after a government meeting on Thursday. Prices at 1151 GMT Last Change Pct End Ytd Move 2018 Pct Move CBOT wheat 540.50 1.00 0.19 503.25 7.40 CBOT corn 388.50 -0.25 -0.06 375.00 3.60 CBOT soy 929.25 -4.75 -0.51 895.00 3.83 Paris wheat Mar 187.00 0.00 0.00 191.25 -2.22 Paris maize Jan 162.00 0.50 0.31 175.25 -7.56 Paris rape Feb 409.00 0.00 0.00 364.00 12.36 WTI crude oil 60.65 0.13 0.21 45.41 33.56 Euro/dlr 1.11 0.00 -0.12 1.1469 -3.45 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne (Reporting by Emily Chow, additional reporting by Sybille de La Hamaide; Editing by Rashmi Aich and Louise Heavens)
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December 24, 2019 at 07:11PM
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GRAINS-Soy slips from 6-week top; corn and wheat rangebound ahead of holiday - Successful Farming
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