GRAINS-Wheat falls 1%; hopes of demand uptick, Argentina tax hike cap losses
* The most active wheat futures on the Chicago Board Of Trade were down 1% at $5.50-1/2 a bushel by 0134 GMT, after closing 0.5% higher on Tuesday, when prices hovered close to a June 27 high.
* The most active soybean futures were down 0.1% at $9.28-1/4 a bushel, having firmed 0.7% on Tuesday when prices hit a Nov. 8 high of $9.31 a bushel.
* The most active corn futures were little changed at$3.89-3/4 a bushel, having gained 1.2% in the previous session.
* U.S. wheat exports buoyed by moves in Argentina to raise export taxes on agricultural products.
* Argentina wants to raise export taxes on wheat and corn to 15% from 12%, Economy Minister Martin Guzman told a news conference.
* The bill, dubbed by the government the “Social Solidarity and Production Reactivation” project, would also raise the tariff cap on soybean exports to 33% from 30%.
* The pound nursed heavy losses on Wednesday after tumbling when Britain re-set a hard deadline for quitting the European Union, rekindling old fears of a chaotic exit from the bloc.
* Oil prices rose more than 1% on Tuesday, supported by hopes the U.S.-China trade deal will bolster oil demand in 2020 after a prolonged dispute between the world’s two largest economies dented global market sentiment.
* Wall Street’s major indexes inched higher on Tuesday, extending their record-setting rally, as strong housing and manufacturing data bolstered investors’ confidence in the U.S. economy.