December 14, 2016 / 2:41 AM / 7 months ago

GRAINS-Wheat falls for first in five sessions as global supplies weigh

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SYDNEY, Dec 14 (Reuters) - U.S. wheat fell for the first time in five sessions on Wednesday, edging
down from a two-week high hit in the previous session, as ample global supplies weighed on prices.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of Trade fell 0.42 percent to $4.15-3/4 a
bushel, having closed marginally higher on Tuesday.
    * The most active soybean futures rose 0.1 percent to $10.21 a bushel, having closed down 0.3
percent in the previous session.
    * The most active corn futures fell 0.1 percent to $3.60-3/4 a bushel, having gained 0.28
percent in the previous session.
    * Corn and soybeans draw support from strong demand for U.S. supplies.
    * France's farm ministry on Tuesday estimated the area sown with winter soft wheat for the 2017
harvest at 5.2 million hectares, up 0.2 percent compared with this year. 
    
    MARKET NEWS  
    * The dollar took a breather on Wednesday as investors looked to whether the Federal Reserve will
signal any acceleration in the pace of future rate increases to deal with an expected ramp-up in fiscal
spending under President-elect Donald Trump.  
    * Oil prices fell on Wednesday following a reported rise in U.S. crude inventories and an estimate
that OPEC may have produced more crude in November than previously thought, potentially undermining a
planned output cut.  
    * U.S. stocks racked up new all-time highs on Tuesday and the Dow Jones industrial average ended fewer
than 100 points away from the 20,000 mark as a post-election rally showed no signs of fatigue.  
    
     DATA/EVENT AHEAD (GMT) 
1000  Euro zone              Industrial production          Oct 
1330  U.S.                   Retail sales                   Nov 
1415  U.S.                   Industrial production          Nov 
1500  U.S.                   Business inventories           Oct 
1900  Federal Reserve releases policy statement  
1930  Fed Chair Janet Yellen holds news briefing 
        
 Grains prices at 0124 GMT
 Contract          Last   Change     Pct  Two-day chg   MA 30  RSI 
                                     chg                       
 CBOT wheat      415.75    -1.75  -0.42%       -0.12%  420.57    56
 CBOT corn       360.75    -0.25  -0.07%       +0.35%  355.73    66
 CBOT soy       1029.00     1.00  +0.10%       -0.82%  1015.6    47
                                                            9  
 CBOT rice         9.72   -$0.06  -0.66%       -2.02%   $9.72    49
 WTI crude        52.29   -$0.69  -1.30%       +1.53%  $47.46    64
 Currencies                                                        
 Euro/dlr        $1.064   $0.000  +0.01%       +0.72%              
 USD/AUD         0.7480   -0.002  -0.21%       +0.39%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Sherry Jacob-Phillips)

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