GRAINS-Soybeans slip after hitting seven-week top, wheat down on rain forecasts
PARIS/CANBERRA, April 15 (Reuters) - Chicago soybeans fell on Tuesday, a day after hitting a seven-week high, still pressured by signs of a drop in imports from top buyer China amid an escalating trade war between the two countries.
Wheat futures edged lower for a second day after weather forecasts predicted better growing conditions in the U.S. wheat belt and prices fell in Europe and Russia. Corn futures were virtually stable.
All three crops were supported by a weaker dollar, making U.S. farm goods cheaper for overseas buyers. The U.S. dollar index .DXY is sitting near three-year lows after U.S. President Donald Trump's tariff policies shook global markets. USD/ MKTS/GLOB
The most-active soybeans on the Chicago Board of Trade (CBOT) for May delivery Sv1 was down 0.8% to $10.33-1/2 a bushel by 1140 GMT, near Monday's peak of $10.49-1/2.
"The tariff conflict triggered by U.S. President Trump is having a noticeable impact on soybeans," Commerzbank said.
"A good half of US soybean exports went to China last year. However, after China raised tariffs on imports of U.S. agricultural products (...) U.S. soybeans are now likely to be prohibitively expensive for buyers in China. China's import requirements are likely to be covered by Brazil instead," it added.
However, traders say they hope negotiations can open U.S. sales to other markets.
Wheat Wv1 was down 0.5% at $5.44-3/4 a bushel after reaching $5.56-3/4 on Friday, its highest level since March 24 while corn Cv1 was unchanged at $4.92-3/4 a bushel, having reached $4.97-1/2 on Monday.
Weather forecasts predicted much-needed rain next week in the U.S. Plains, as well as in cropping regions in France and Germany.
The USDA in a weekly crop progress report on Monday rated 47% of the U.S. winter wheat crop in good to excellent condition, down from 48% a week earlier.
U.S. crop shipments are holding up well, with the USDA reporting weekly export inspections of wheat and corn that exceeded analyst expectations. USDA/I
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