GRAINS-Wheat retreats from 11-day high, possible…

SYDNEY, Aug 20 – U.S. wheat futures fell on Monday, easing after gains of more than 3 percent in the previous session when prices hit an 11-day high, although losses were checked by concerns that Russia may limit exports. FUNDAMENTALS * The most active wheat futures on the Chicago Board Of Trade were down 0.7 percent at $5.75-3/4 a bushel by 0156 GMT, having closed up 3.2 percent on Friday when prices hit $5.82-3/4 a bushel – the highest since Aug. 7. * The most active soybean futures were up 1.3 percent to $9.04-1/4 a bushel, near the session high of $9.07 a bushel – the highest since Aug 9. Soybeans fell 0.5 percent on Friday. * The most active corn futures were up 0.1 percent to $3.79-1/4 a bushel, having closed down 0.3 percent in the previous session. * Wheat supported after traders who met with Russia’s agriculture ministry said the country will consider restricting 2018-19 shipments once they reach 30 million tonnes, following a request from meat-producing regions. * The ministry denied it discussed export curbs. However, the meeting still added to doubts about Russia’s ability to export a projected 35 million tonnes of wheat. * Soybeans draw support after the Wall Street Journal reported last week that the U.S. and China are working on a plan to resolve their trade dispute by November. MARKET NEWS * The dollar sagged on Monday as investor demand for the safe-haven currency receded on optimism over a reduction in U.S.-China trade tensions, with the focus on discussions between the two countries due this week. * Oil prices dipped on Monday as concerns over slowing economic growth weighed on markets. * U.S. stocks closed higher on Friday, with the S&P 500 and the Dow Jones Industrial Average extending gains and the Nasdaq turning positive on reports of progress in tariff disputes between the United States and its trading partners China and Mexico. DATA AHEAD (GMT) 0600 Germany Producer prices Jul 0900 Euro zone Construction output Jun Grains prices at 0156 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 575.75 -4.00 -0.69% +2.45% 551.25 57 CBOT corn 379.25 0.50 +0.13% -0.13% 372.78 56 CBOT soy 904.25 11.50 +1.29% +0.81% 878.66 61 CBOT rice 10.45 $0.10 +0.97% -0.10% $11.42 34 WTI crude 65.82 -$0.09 -0.14% +0.55% $68.49 37 Currencies Euro/dlr $1.143 -$0.001 -0.05% +0.49% USD/AUD 0.7303 -0.001 -0.10% +0.61% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Colin Packham; editing by Richard Pullin)

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