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GRAINS-Soybean prices edge up, but set to drop nearly 1 pct on week
December 16, 2016 / 2:23 AM / 9 months ago

GRAINS-Soybean prices edge up, but set to drop nearly 1 pct on week

SYDNEY, Dec 16 (Reuters) - U.S. soybeans inched higher on
Friday, but remained on track for a weekly drop of nearly 1
percent due to bumper global supply.
         
    FUNDAMENTALS  
    * The most active Chicago Board of Trade soybean contract
 has fallen nearly 1 percent this week, giving back most of
its gains from the week before.
    * The most active corn contract was down 1 percent for the
week, having posted gains of 1.5 percent last week.
    * The most active wheat has declined nearly 2 percent
for the week, after climbing 3 percent the previous week.
    * The U.S. Department of Agriculture on Thursday reported
that weekly soybean export sales for 2016/17 delivery rose to
2.008 million tonnes, up from 1.462 million a week ago and above
trade forecasts for 1.1 million to 1.5 million tonnes. 
    * The USDA also reported a flash sale of 132,000 tonnes of
soybeans to China. 
    * The National Oilseed Processors Association on Thursday
said the monthly soybean crush fell in November despite a record
harvest. 
         
    MARKET NEWS  
    * The dollar stood tall on Friday, on track for hefty gains
for the week, after scaling 14-year highs against the euro as
well as a broader basket of currencies on expectations of more
U.S. Federal Reserve interest rate hikes.  
    * Oil prices edged up on Friday after market sources said
Kuwait had told customers it was cutting supplies by more than
initially expected from January as part of a coordinated effort
by oil producers to drain a global glut.  
    * U.S. stocks rose on Thursday, led by gains in bank shares,
a day after the Fed raised interest rates for the second time in
nearly a decade.  
    
    DATA AHEAD (GMT) 
0745  France            Business climate             Dec 
1000  Euro zone         Eurostat trade               Oct 
1330  U.S.              Building permits             Nov 
1330  U.S.              Housing starts               Nov 
        
 Grains prices at  0155 GMT
 Contract          Last   Change  Pct chg  Two-day chg    MA  RSI 
                                                          30  
 CBOT wheat      408.75    -0.50   -0.12%       -2.10%  418.    65
                                                          97  
 CBOT corn       356.00    -0.50   -0.14%       -1.39%  355.    61
                                                          78  
 CBOT soy       1029.75     0.75   +0.07%       +0.17%  1018    48
                                                         .12  
 CBOT rice         9.46    $0.00   -0.05%       -3.32%  $9.7    34
                                                           1  
 WTI crude        51.21    $0.31   +0.61%       +0.33%  $48.    56
                                                          03  
 Currencies                                                       
 Euro/dlr        $1.042   $0.001   +0.05%       -1.12%            
 USD/AUD         0.7352    0.000   -0.04%       -0.68%            
 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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