December 30, 2016 / 2:04 AM / 7 months ago

GRAINS-Wheat edges higher, but set for annual loss of more than 13 pct

3 Min Read

SYDNEY, Dec 30 (Reuters) - U.S. wheat edged higher on
Friday, drawing support from a weaker dollar, but the grain was
poised to record annual losses of more than 13 percent as record
global production weighed on prices.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of
Trade were down more than 13 percent during 2016, the
fourth straight annual loss.
    * Wheat prices hit a near-decade low this year of $3.86-3/4
a bushel in August.
    * The most active soybean futures are up more than 17
percent for the year, the biggest annual gain in six years.
    * The most active corn futures are down 2.5 percent
for the year, the fourth straight yearly loss.
    * Wheat prices struggle in 2016 amid record global
production.
    * Soybeans draw support despite ample global supplies amid
strong demand from China.
    * Morocco's state grains agency, ONICL, announced tenders to
buy 363,636 tonnes of European Union soft wheat and 363,636
tonnes of U.S. soft wheat under preferential-tariff import
quotas.
    * ONICL said in a statement it was also seeking to buy
327,273 tonnes of U.S. durum under the same agreement.
 
         
    MARKET NEWS  
    * The euro jumped to its highest in three weeks in
holiday-thinned Asian trade on Friday, but was on track for a
losing year on expectations that U.S. President-elect Donald
Trump's policies will boost inflation and prompt the U.S.
Federal Reserve to hike interest rates at a faster pace. 
    * Oil prices rose in early Asian trade on Friday shrugging
off a second consecutive week of U.S. crude oil inventory
builds, with a U.S. Energy Information Administration (EIA)
report late on Thursday indicating an unexpected rise in crude
stocks.  
    * Wall Street ended slightly lower on Thursday, held down by
bank shares in quiet holiday trading as traders looked to
position for the new year.  
    
    DATA/EVENTS (GMT)  
1445   U.S.  Chicago PMI   Dec.        
1530   U.S.  ECRI Weekly  Index        
1530   U.S.  ECRI Weekly Annualized   
        
 Grains prices at  0151 GMT
 Contract        Last  Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat    405.75    1.00    +0.25%       +1.06%  410.67    54
 CBOT corn     349.75    0.00    +0.00%       +0.43%  354.34    49
 CBOT soy     1012.25   -0.50    -0.05%       -0.42%  1033.0    44
                                                           5  
 CBOT rice       9.51   $0.00    +0.05%       -0.26%   $9.84    29
 WTI crude      53.93   $0.16    +0.30%       -0.24%  $50.60    71
 Currencies                                                       
 Euro/dlr      $1.055  $0.006    +0.56%       +1.36%              
 USD/AUD       0.7241   0.003    +0.37%       +0.91%              
 
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Kenneth Maxwell)

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