SYDNEY, Oct 14 U.S. wheat held steady on Friday,
but was poised to record its biggest weekly gain in nearly two
months as export demand prompted a wave of short-covering.
* The most active wheat futures on the Chicago Board of
Trade were up more than 5 percent for the week.
* The most active soybean futures were down nearly 0.5
percent over the week, giving back all their gains from the week
* The most active corn futures were up more than 2.5
percent for the week, the biggest weekly climb in a month.
* Commodity funds held a historically large net short
position in CBOT wheat as of Oct. 4, leaving the market
vulnerable to short-covering rallies.
* Saudi Arabia and Egypt both announced plans to buy wheat.
Algeria announced a purchase tender earlier this week, and Syria
struck a deal to purchase 1 million tonnes of Russian wheat.
* Soybean prices face resistance from a record-large U.S.
crop. The U.S. Department of Agriculture on Wednesday raised its
forecast for U.S. soybean production to 4.269 billion bushels.
* The dollar held below this week's highs on Friday but was
still on track for a weekly gain, as investors awaited U.S.
retail sales data and remarks from Federal Reserve officials
that could cement expectations of a U.S. interest rate hike this
* Oil prices settled up on Thursday after a U.S. government
report showing hefty draws in diesel and gasoline offset the
first crude inventory build in six weeks.
* U.S. stocks slipped on Thursday led by falls in financial
shares and following weak Chinese economic data but a late-day
rebound in oil prices limited the day's decline.
Cont Last Chan Pct Two- MA RSI
ract ge chg day 30
CBOT 415. -0.2 -0.0 +2.0 402. 66
whea 75 5 6% 9% 10
CBOT 349. -0.5 -0.1 +1.0 336. 64
corn 00 0 4% 1% 86
CBOT 954. -2.0 -0.2 +0.0 959. 49
soy 25 0 1% 0% 66
CBOT 10.2 -$0. -0.2 -1.7 $9.8 63
rice 1 02 0% 8% 3
WTI 50.4 $0.0 +0.0 +0.6 $46. 63
crud 8 4 8% 0% 91
Euro $1.1 -$0. -0.1 +0.3
/dlr 05 001 0% 5%
USD/ 0.75 0.00 +0.0 +0.1
AUD 71 0 4% 5%
DATA AHEAD (GMT)
0130 China Consumer prices Sep
0130 China Producer prices Sep
0900 Euro zone Eurostat trade Aug
1230 U.S. Retail sales Sep
1400 U.S. Business inventories Aug
1400 U.S. Univ of Michigan sentiment index Oct
(Reporting by Colin Packham; Editing by Joseph Radford)