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GRAINS-Soybeans firms, set for first weekly gain in a month
October 7, 2016 / 1:02 AM / 10 months ago

GRAINS-Soybeans firms, set for first weekly gain in a month

4 Min Read

SYDNEY, Oct 7 (Reuters) - U.S. soybeans rose for a second
session on Friday, with the oilseed set to finish the week in
positive territory for the first time in a month as strong
demand for U.S. supplies offset pressure from ample global
stocks.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of
Trade rose nearly 1 percent for the week, the first weekly
gain in a month
    * The most active corn futures was up nearly 1.5
percent for the week, the biggest weekly rally in four weeks.
    * The most active wheat futures was down more than 1
percent for the week, the second straight weekly fall.
    * Brazil's CONAB on Thursday morning forecast that 2016/17
soybean production in the country, a key exporter, will rise to
between 101.9 million and 104 million tonnes from 95.4 million
tonnes in the previous marketing year.
    * CONAB pegged the corn harvest at 82.3 million to 83.8
million tonnes, up from 66.7 million tonnes in the 2015/16
marketing year. 
    * The Brazil forecasts followed an outlook from the Buenos
Aires grains exchange on Wednesday that Argentine farmers will
likely harvest a record corn crop as they favour planting of 36
million tonnes in 2016/17, six million tonnes more than 2015/16.
 
    * The USDA reported weekly soybean export sales rose to
2.180 million tonnes from 1.693 million tonnes a week ago, well
above forecasts for 1.2 million to 1.5 million tonnes.
 
    * Weekly corn export sales of 2.602 million tonnes (old-crop
and new-crop combined) topped forecasts ranging from 1.6 million
to 2.1 million tonnes.
         
    MARKET NEWS  
    * Sterling seized centre stage in early Asian trading on
Friday, plunging to fresh three-decade lows in thin conditions
as a break of key technical support levels triggered wave of
stop-loss orders.  
    * Oil rose more than 1 percent to four-month highs on
Thursday, spurred by another informal OPEC meeting on output
cuts and plunging U.S. crude inventories, with some saying the
market has overshot itself with a near 15-percent gain in seven
sessions.  
    * Major U.S. stock indexes closed little changed on
Thursday, even as declining names outnumbered advancers, ahead
of job market data seen as key to determine whether the Federal
Reserve will raise rates before the end of the year.  
    
    DATA AHEAD (GMT) 
0600  Germany             Industrial output                  Aug
0645  France              Industrial output                  Aug
0645  France              Trade data                         Aug
0830  Britain             Industrial output                  Aug
1230  U.S.                Nonfarm payrolls                   Sep
1230  U.S.                Unemployment rate                  Sep
1400  U.S.                Wholesale sales                    Aug
    
    
 Grains
 prices at
  0031 GMT
 Cont  Last  Chan   Pct  Two-    MA  RSI 
 ract          ge   chg   day    30  
                          chg        
 CBOT  397.  1.25  +0.3  +0.3  401.    48
 whea    00          2%    8%    83  
 t                                   
 CBOT  341.  0.50  +0.1  -2.0  333.    56
 corn    00          5%    8%    36  
 CBOT  959.  0.75  +0.0  -0.4  960.    48
 soy     25          8%    4%    87  
 CBOT  10.0  -$0.  -0.5  -0.4  $9.7    65
 rice     6    05    4%    0%     4  
 WTI   50.5  $0.0  +0.1  +1.3  $46.    74
 crud     1     7    4%    6%    12  
 e                                   
 Curr                                    
 enci                                
 es                                  
 Euro  $1.1  -$0.  -0.5  -0.5            
 /dlr    14   006    2%    2%        
 USD/  0.75  -0.0  -0.6  -0.6            
 AUD     73    05    4%    0%        
 Most
 active
 contracts
 Wheat,
 corn and
 soy US
 cents/bus
 hel.
 Rice: USD
 per
 hundredwe
 ight
 RSI 14,
 exponenti
 al
 

 (Reporting by Colin Packham; Editing by Richard Pullin)

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