MANILA, April 20 U.S. wheat futures slipped on
Thursday, hovering near a 2-1/2-week low hit in the previous
session, on plentiful global supply, while corn and soybeans
were largely steady.
* Chicago Board of Trade wheat for May delivery was
off 0.1 percent at $4.18-1/2 a bushel by 0101 GMT. The contract
briefly touched $4.17-3/4, a tad off Wednesday's trough which
was the lowest since March 31.
* Commonwealth Bank of Australia analyst Tobin Gorey said
U.S. wheat exports for the 2016 season look likely to be, at
best, 1 million tonnes below the USDA's current forecasts
"unless there are chunky late sales."
* Gorey also said the firmer dollar is "eating into U.S.
competitiveness against almost every other major competitor with
the exception of the European Union."
* Traders said the market focus remained on ample global
supply despite emerging weather worries in Europe where crops
face spring frosts this week on top of recent dryness.
* Chicago corn was steady at $3.62 per bushel and
soybeans were flat at $9.50.
* The Brazilian government will offer up to $159 million in
subsidies to help corn producers sell their large crop in the
* Argentine farmers are expected to plant 5.5 million
hectares with wheat and harvest 17.5 million tonnes in the
upcoming 2017-18 season compared with 16.3 million tonnes in
* The dollar traded above lows hit earlier this week as
investors anxiously awaited this weekend's first round of
presidential voting in France.
* Oil prices regained some lost ground with a slight drop in
U.S. crude inventories stoking hopes that a push to rein in
global oversupply could be gathering at least some momentum.
DATA/EVENT AHEAD (GMT)
0600 Germany Producer prices Mar
1230 U.S. Weekly jobless claims
1230 U.S. Philly Fed business index Apr
1330 IMF Managing Director Christine Lagarde holds briefing
1400 Euro zone Consumer confidence flash Mar
1400 U.S. Leading index Mar
(Reporting by Manolo Serapio Jr.; Editing by Subhranshu Sahu)