June 2, 2017 / 2:01 AM / 2 months ago

GRAINS-Wheat edges lower, set for biggest weekly loss since late March

3 Min Read

    SYDNEY, June 2 (Reuters) - U.S wheat prices edged lower on
Friday on forecasts of harvest-friendly weather in parts of the
United States, keeping the grain on track for its biggest weekly
loss in over two months.
    
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board of
Trade were down 2.5 percent for the week, set for their
biggest weekly loss since March 24.
    * The most active soybean futures have fallen 1.5
percent over the week, the fourth consecutive weekly loss.
    * The most active corn futures have dropped more than
1 percent for the week, the first weekly slide in six weeks.
    * Wheat was under pressure as weather forecasts raised the
prospect of an early start to harvesting bumper U.S. supplies.
    * Argentina's government replaced striking sanitary
inspection workers in the main agricultural port of Rosario,
allowing shipments to resume albeit with delays after the job
action halted exports from there on Wednesday.
         
    MARKET NEWS  
    * The dollar hit a one-week high against the yen early on
Friday, on the front foot after upbeat U.S. private sector job
figures and awaiting the closely-watched non-farm payrolls
report for another potential boost.  
    * Oil prices dropped nearly 1 percent in early Asian trade
on Friday, dragged down by ongoing concerns over a global glut
in crude supply despite a bigger-than-expected draw in U.S.
crude inventories.  
    * U.S. stocks advanced on Thursday, with each of the major
U.S. indexes notching record highs, after a batch of economic
data suggested the economy was picking up speed.  
    
    DATA/EVENT AHEAD (GMT) 
0730  EU-China   Business Summit with speakers including        
         European Commission President Jean-Claude Juncker and
Chinese Prime Minister Li Keqiang 
0900  Euro zone            Producer prices               Apr 
1230  U.S.                 Nonfarm payrolls              May 
1230  U.S.                 Unemployment rate             May 
1230  U.S.                 International trade           Apr 
1345  U.S.                 ISM-New York index            May 
        
 Grains prices at  0129 GMT
 Contract      Last  Change   Pct chg   Two-day chg   MA 30  RSI 
 CBOT wheat  427.25   -1.75    -0.41%        -0.47%  432.63    48
 CBOT corn   370.00   -0.50    -0.13%        -0.54%  369.85    52
 CBOT soy    911.75   -0.50    -0.05%        -0.46%  955.16    24
 CBOT rice    11.12   $0.06    +0.59%        -0.13%  $10.37    66
 WTI crude    48.06  -$0.30    -0.62%        -0.54%  $48.69    37
 Currencies                                                      
 Euro/dlr    $1.122  $0.001    +0.06%        -0.20%              
 USD/AUD     0.7385   0.001    +0.18%        -0.59%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Joseph Radford)
  

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