Reuters logo
GRAINS-Soybean prices edge up, set for biggest weekly fall in 6 mths
June 23, 2017 / 1:49 AM / 3 months ago

GRAINS-Soybean prices edge up, set for biggest weekly fall in 6 mths

    SYDNEY, June 23 (Reuters) - U.S. soybean prices edged up on
Friday but were still near a 17-month low touched the session
before, with forecasts for favourable crop weather pushing the
oilseed towards its biggest weekly fall in six months.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board of
Trade are down nearly 3.5 percent for the week, in what
would be their biggest weekly slide since Dec. 23.
    * Soybeans hit a low of $9.03 a bushel - their weakest since
April, 2016.
    * The most active corn futures are down 0.1 percent
for the week, set for their fifth straight weekly slide.
    * The most active wheat futures are little changed for
the week, after two straight weekly declines.
    * Weekly U.S. export sales of soy, corn and wheat were
generally in line with estimates, or worse.
    * Corn and soybean prices were weighed down as more mild
temperatures moved into the U.S. Midwest crop belt.
    * Rainfall was forecast in the coming days in the northern
U.S. Plains, while in France the extent of damage from extreme
heat was unclear.
         
    MARKET NEWS  
    * The euro got off to an unusually quiet start in Asia on
Monday, having posted its worst weekly performance in three
months, as investors await more developments and ratings
downgrades from Europe.  
    * Oil edged lower in volatile trading on Friday, posting a
second consecutive weekly loss as caution about Europe's debt
crisis and year-end positioning continued to spark selling into
rallies.  
    * A rally in U.S. stocks fizzled, leaving major indexes with
modest gains on Friday, as Wall Street was torn between hope
that U.S. economic data signals better times ahead and fear
Europe's debt crisis will engulf world economies.  

    DATA AHEAD (GMT) 
0645  France             Final GDP                           Q1 
0700  France             Markit manufacturing flash PMI      Jun
0730  Germany            Markit manufacturing flash PMI      Jun
0800  Euro zone          Markit manufacturing flash PMI      Jun
1345  U.S.               Markit manufacturing flash PMI      Jun
1400  U.S.               New home sales                      May
   
    
 Grains prices at  0112 GMT
 Contract       Last   Change   Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat   461.25     0.00    +0.00%       +8.21%   413.29    61
 CBOT corn    362.75     0.00    +0.00%       +1.26%   355.76    30
 CBOT soy     907.50     3.50    +0.39%      -12.76%  1021.78    27
 CBOT rice     11.13    $0.02    +0.18%      +11.47%    $9.83    45
 WTI crude     42.89    $0.15    +0.35%      -19.09%   $52.04    26
 Currencies                                                        
 Euro/dlr     $1.115   $0.055    +5.16%       +4.76%               
 USD/AUD      0.7544    0.007    +0.92%       +0.60%               
 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)
  

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below