SYDNEY: U.S. soybean futures edged up on Monday to ease away from a near three-week low touched in the previous session, but ample North American stockpiles amid a trade war between Washington and Beijing kept pressure on prices.
FUNDAMENTALS
* The most active soybean futures on the Chicago Board of Trade were up 0.2 percent at $9.16-1/2 a bushel by 0112 GMT. They had firmed 0.1 percent on Friday after marking their lowest since Jan. 22 at $9.08 a bushel.
* The most active corn futures were up 0.1 percent at $3.74-3/4 a bushel, having closed down 0.6 percent in the previous session, when prices hit their weakest since Jan. 16 at $3.74 a bushel.
* The most active wheat futures were unchanged at $5.17-1/4 a bushel, after closing up 0.8 percent on Friday.
* U.S. soybean supplies as of Dec. 1 were the biggest on record as demand for the oilseed fizzled amid the trade war between the United States and China, the U.S. Department of Agriculture said on Friday.
* The USDA also said that farmers seeded the smallest winter wheat area - 31.290 million acres - since 1909. An abundance of cheaper supplies around the globe has made U.S. wheat less desirable to overseas buyers in recent years.
* U.S. negotiators are preparing to press China this week on longstanding demands that it reform how it treats U.S. companies' intellectual property in order to seal a trade deal that could prevent tariffs from rising on Chinese imports.
MARKET NEWS
* The dollar rose against most other currencies on Monday, holding near a six-week high as fresh worries about the U.S.-Sino trade tensions and global growth drove appetite for safe-haven assets.
* Crude prices dipped early on Monday in Asia as U.S. drilling activity picked up and as Russia's biggest oil producer pressured President Vladimir Putin to end the supply cut deal with Middle East-dominated producer club OPEC.
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