GRAINS-Soybeans fall nearly 1 percent to three-week low

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SYDNEY, Aug 13 – U.S. soybeans fell nearly 1 percent on Monday to a three-week low as the market feared a trade war between Washington and Beijing could help swell North American supplies, which the U.S. government said could be headed towards the highest ever. FUNDAMENTALS * The most active soybean futures on the Chicago Board Of Trade were down 0.8 percent to $8.54-3/4 a bushel by 0108 GMT, near the session low of $8.53-1/2 a bushel – the lowest since July 19. Soybeans slumped 4.7 percent on Friday. * The most active corn futures were down 0.7 percent to $3.69 a bushel, the lowest since July 25. Corn closed 2.9 percent in the previous session. * The most active wheat futures were unchanged at $5.46-3/4 a bushel, having closed down 3.1 percent on Friday. * In its monthly supply and demand report, the USDA projected a record-large 2018 U.S. soybean crop and the highest U.S. corn yield on record. U.S. soybean stocks at the end of the 2018-19 season next August were seen swelling to an unprecedented 785 million bushels. * The agency increased its export outlook for U.S. soybeans, but traders remain nervous about the country’s deepening trade war with China, the world’s top soy importer. * Analysts at Strategie Grains made another steep cut this week to their estimate for this year’s European Union soft wheat harvest. MARKET NEWS * The euro was frail after touching a 13-month low against the dollar on Monday as investors bid up safe havens such as the U.S. dollar and the yen on worries about the exposure of European banks to crisis-hit Turkey. * Oil prices inched up on Monday as U.S. sanctions against Iran pointed towards a tighter market, although concerns over slowing economic growth amid global trade tensions kept a lid on gains. * U.S. stocks slid on Friday as a deepening economic crisis in Turkey dragged on bank shares and triggered a move out of riskier assets. Grains prices at 0108 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 546.75 0.00 +0.00% -3.14% 524.20 47 CBOT corn 369.00 -2.75 -0.74% -3.59% 370.65 35 CBOT soy 854.75 -7.00 -0.81% -5.45% 875.30 34 CBOT rice 10.55 $0.00 +0.00% -0.94% $11.69 12 WTI crude 67.71 $0.08 +0.12% +1.35% $69.82 42 Currencies Euro/dlr $1.138 -$0.003 -0.28% -1.28% USD/AUD 0.7275 -0.003 -0.36% -1.29% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Colin Packham; Editing by Tom Hogue)

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