* Soybeans down almost 1 pct this week
* Wheat down 1.8 pct after two weeks of losses, corn down
(Adds details, quotes)
By Naveen Thukral
SINGAPORE, May 12 Chicago soybean futures were
on track on Friday for their biggest weekly decline since late
March with bumper global supplies weighing on the market.
Wheat was down about 2 percent, after two weeks of gains,
although declining production in the United States provided a
floor to the market.
"There is pressure from South American harvest, Brazilian
soybean products are flooding the market," said Kaname Gokon
from Tokyo brokerage Okato Shoji. "Prices will remain weak, the
July contract may fall below $9.60 a bushel."
The contract was trading down 0.2 percent at $9.64 a
bushel by 0254 GMT.
The most-active soybean contract on the Chicago Board Of
Trade is down nearly 1 percent this week, the biggest
seven-day fall in six weeks.
Wheat has lost almost 2 percent, the first weekly
slide in three weeks, and corn has lost about half a
percent after two weeks of gains.
The U.S. Department of Agriculture pegged world soybean
ending stocks for both the 2016-17 and 2017-18 marketing years
above trade expectations on Wednesday.
U.S. soybean ending stocks were seen rising to an 11-year
high in the 2017/18 crop year following another bumper harvest,
the agency said.
Brazilian statistics agency Conab raised its estimate of the
country's 2016-17 crop to 113 million tonnes, from 110.2 million
The Buenos Aires Grains Exchange raised its estimate of
Argentina's crop to 57.5 million tonnes, from 56.5 million
For wheat, the USDA pegged the 2017/18 harvest at 1.820
billion bushels, down from 2.310 billion bushels a year earlier.
That would mark the smallest U.S. wheat harvest since the
2006/07 marketing year, when farmers produced 1.808 billion
CBOT corn futures were down as forecasts for warmer weather
next week in the heart of the Midwest eased concerns about cold
and wet conditions that have slowed planting and germination.
There was additional pressure on corn stemming from
disappointing U.S. export data. The USDA reported export sales
of U.S. corn in the last week at 222,600 tonnes (old and new
marketing years combined), the lowest for a single week since
Commodity funds were net sellers of CBOT corn and soybean
futures on Thursday and net buyers of wheat, traders said.
Grains prices at 0254 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 434.00 0.25 +0.06% +0.52% 438.37 53
CBOT corn 368.75 -0.50 -0.14% -1.34% 369.93 49
CBOT soy 964.00 -2.25 -0.23% -0.64% 961.54 48
CBOT rice 10.73 $0.09 +0.85% +4.33% $10.13 82
WTI crude 47.86 $0.03 +0.06% +1.12% $49.77 52
Euro/dlr $1.087 $0.001 +0.10% +0.06%
USD/AUD 0.7381 0.001 +0.07% +0.24%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per
RSI 14, exponential
(Reporting by Naveen Thukral; Editing by Amrutha Gayathri)