Grains-Soybeans Rise for Fourth Straight Session on Trade Optimism

(Agriculture.com) – U.S. soybean futures rose for a fourth consecutive session on Tuesday as hopes for a deal to ease a trade war between Washington and Beijing stoked expectations for increased demand for North American supplies.

FUNDAMENTALS
* The most active soybean futures on the Chicago Board Of Trade rose 0.3 percent to $9.19 a bushel by 0133 GMT, having firmed 1 percent on Friday when prices hit a high of $9.20-1/4 a bushel – the highest since Jan. 10.
* The most active corn futures were down 0.1 percent to $3.81-1/4 a bushel, having gained 0.5 percent in the previous session. * The most active wheat futures advanced 0.2 percent to $5.19 a bushel, having closed unchanged on Friday.
* Grain market closed on Monday for U.S. public holiday.
* Rumours of large-scale U.S. grain purchases by China riled markets recently, but official confirmation of such deals has not been available due to the partial U.S. government shutdown that has shuttered numerous divisions of the U.S. Department of Agriculture.
* Bloomberg reported lat week that China offered to go on a six-year buying spree to ramp up imports from the United States in an effort to cut its trade imbalance.

MARKET NEWS
* The dollar hovered near 2-week highs against its peers on Tuesday as a slowdown in China’s economy to 28-year lows revived investor concerns over global growth and supported safe-haven currencies.
* Oil prices edged lower on Tuesday as concerns over global economic growth stoked fears over future demand.