Wheat was little changed after rising nearly 2 percent on Thursday as tightening supplies in Europe and the Black Sea region is likely to result in higher demand for U.S. wheat.
FUNDAMENTALS
* For the week, soybeans are up 3.6 percent, the market’s biggest weekly gain in almost a month. Wheat is up 2.8 percent, rising for four out of five weeks and corn has gained 1.9 percent, recouping some of last week’s deep losses.
* China and the United States will hold lower-level trade talks this month, the two governments said on Thursday, offering hope that they might resolve an escalating tariff war that threatens to engulf all trade between the world’s two largest economies.
* China takes more than 60 percent of soybeans traded worldwide and last year bought shipments from the United States worth some $12 billion.
* Beijing has imposed extra tariffs on imports of U.S. soybeans and shifted its purchases to Brazil following a trade war between the two nations.
* However, dwindling soybean supplies in Brazil and the arrival of U.S. cargoes at China’s Dalian port have suggested China will need to imports from the United States to cover its needs, according to some traders.
* A second vessel carrying U.S. soybeans has entered China’s Dalian port, Thomson Reuters data showed, following the unloading of U.S. beans from another ship this week.
* The U.S. Department of Agriculture said private exporters struck deals to sell 154,404 tonnes of U.S. soy to Mexico and 200,000 tonnes of U.S. hard red winter wheat to Iraq.
* Commodity funds were net buyers of CBOT corn, wheat, soybean, soymeal and soyoil futures contracts on Thursday, traders said.
MARKET NEWS
* Asian shares won a modest reprieve on Friday after China and the United States agreed to hold their first trade talks since June next week and as the Turkish lira extended gains from its record low earlier this week.
Source：Reuters
