April 7, 2017 / 3:27 AM / 4 months ago

GRAINS-Soybeans face 5th week of fall, longest losing streak in 30 months

    * Soybeans down almost 10 pct in 5 consecutive weeks of
decline
    * Record South American supplies, higher U.S. planting weigh

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, April 7 (Reuters) - 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
September 2014.
    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
Argentina.
    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
million previously.
    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
period.
    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
 Currencies                                                 
 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
 hundredweight
 RSI 14, exponential
         

 (Reporting by Naveen Thukral; Editing by Biju Dwarakanath)
  

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