* Soybeans down almost 10 pct in 5 consecutive weeks of
* Record South American supplies, higher U.S. planting weigh
(Adds details, quotes)
By Naveen Thukral
SINGAPORE, April 7 Chicago soybean futures lost
more ground on Friday with the market poised for a fifth week of
fall, its longest losing streak in 30 months as rising global
supplies anchor the market.
Wheat and corn were set to finish the week on a negative
note after rising last week.
The Chicago Board Of Trade most-active soybean contract
is down about half a percent this week, its fifth straight
weekly loss. It is the longest weekly losing streak since
Corn is down nearly 1 percent, losing nearly half the
gains from the previous week. Wheat has lost 0.8 percent
after gaining 0.4 percent in the previous week.
"We are caught is a bearish trend, U.S. soybean planting
outlook looks good and South American production is so big,"
said Kaname Gokon at brokerage Okato Shoji in Tokyo.
"We don't see any recovery in prices unless there is a big
weather issue in the United States."
The soybean market found some support earlier this week
after rains threatened to disrupt harvest in key supplier
But the country's soybean harvest accelerated in the past
week despite heavy rains and floods in the western portion of
the country's growing area, the Buenos Aires Grains Exchange
said on Thursday.
Brazil is shipping out record volumes of soybeans into the
international market, providing stiff competition to exporters
of U.S. products.
This week, consultancy Celeres raised its estimate of
Brazil's soybean crop to 113.8 million tonnes from 109.65
million last month. Broker INTL FCStone lifted its projection
for the Brazilian crop to 111.6 million tonnes from 109.07
Losses in U.S. agricultural markets come even as the country
reported higher-than-expected weekly exports.
The U.S. Department of Agriculture reported export sales of
old-crop wheat in the week to March 30 at 568,400 tonnes, above
a range of trade expectations.
U.S. corn export sales topped 1.1 million tonnes during the
Global cereal production in 2017 is forecast to be close to
a record level reached in 2016, the United Nations' Food and
Agriculture Organization said.
Commodity funds were net sellers of CBOT corn, wheat and
soybean futures contracts on Thursday, traders said.
Grains prices at 0305 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 423.00 -0.25 -0.06% -0.94% 435.33 45
CBOT corn 360.75 0.00 +0.00% -0.62% 365.89 45
CBOT soy 940.00 -1.50 -0.16% +0.24% 995.48 19
CBOT rice 10.14 -$0.04 -0.39% +0.70% $9.78 75
WTI crude 52.66 $0.96 +1.86% +2.95% $50.24 77
Euro/dlr $1.064 -$0.001 -0.07% -0.30%
USD/AUD 0.7526 -0.010 -1.34% -1.49%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per
RSI 14, exponential
(Reporting by Naveen Thukral; Editing by Biju Dwarakanath)