August 26, 2019 / 2:44 AM / a year ago

GRAINS-Soybeans rebound from 3-week low, fresh round of China tariffs cap gains

    SYDNEY, Aug 26 (Reuters) - U.S. soybean futures rebounded on
Monday after hitting a nearly three-week low earlier in the
session, though gains were limited as Beijing and Washington
engaged in a rapid-fire tariff escalation over the weekend.
    * The most active soybean futures on the Chicago Board Of
Trade       were up 0.6% at $8.61-1/2 a bushel, as of 0225 GMT.
Earlier in the session, they hit $8.55 a bushel, their lowest
since Aug 5. Soybeans closed down 1.4% on Friday.
    * The most active corn futures       were up 0.3% at $3.69 a
bushel, having closed 0.9% weaker in the previous session.
    * The most active wheat futures       were down 0.2% at
$4.77 a bushel, having closed up 0.2% on Friday. 
    * Grain market under pressure after China announced
retaliatory tariffs on about $75 billion worth of U.S. goods,
including agricultural products.             
    * However, the impact on grains was seen as largely
psychological, given that China already said this month it
halted purchases of U.S. agricultural products.
    * Pro Farmer newsletter projected the U.S. 2019 corn yield
at 163.3 bushels per acre and the U.S. soybean yield at 46.1
bushels per acre, both below the U.S. Department of
Agriculture's most recent forecasts.             
    * The yen surged on Monday as investors flocked to
safe-haven assets after a sharp re-escalation in the U.S.-China
trade war, which whacked investor confidence and darkened the
global economic outlook.         
    * Oil prices dropped on Monday, pushing U.S. crude to its
lowest in more than two weeks, as a ratcheting up of tensions in
the U.S.-China war knocked confidence in the global economy.
    * U.S. stock index futures dropped when electronic trading
resumed on Sunday, with trade relations between the United
States and China appearing to reach a fresh low on Friday,
sending Wall Street into a selling frenzy.       
0800   Germany   Ifo Business Climate New   Aug
0800   Germany   Ifo Curr Conditions New    Aug
0800   Germany   Ifo Expectations New       Aug
1230   US        Durable Goods              July

 (Reporting by Colin Packham, Editing by Sherry Jacob-Phillips)
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