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GRAINS-Soybeans edge up, but set to finish week down 2 percent
May 19, 2017 / 1:18 AM / 2 months ago

GRAINS-Soybeans edge up, but set to finish week down 2 percent

4 Min Read

    SYDNEY, May 19 (Reuters) - U.S. soybeans edged higher on
Friday after sinking to a one month low in the previous session,
but the oilseed was still poised to finish the week down nearly
2 percent as a weaker Brazilian real weighed on prices.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of
Trade were down nearly 2 percent for the week, the biggest
weekly decline in nearly two months.
    * Soybeans hit a low of $9.42-3/4 a bushel on Thursday, the
lowest since April 19.
    * The most active corn futures were down more than 1
percent for the week, the first weekly slide in a month.
    * The most active wheat futures down nearly 1.5
percent for the week, taking two-week losses to more than 3.5
percent.
    * Soybeans were under pressure as the Brazilian real
slumped following corruption allegations against the country's
President Michael Temer.
    * A weaker real may encourage farmers to accelerate sales in
order to earn more money for their crop.
    * Brazil just completed the harvest of its largest-ever soy
harvest, estimated by the U.S. Department of Agriculture at
111.6 million tonnes. But farmers had sold only about half of it
by early May, compared with the five-year average of 65 percent.
    * The USDA reported export sales of U.S. wheat in the latest
reporting week at 640,600 tonnes (old and new marketing years
combined), topping a range of trade expectations.

    * Wheat was also supported by the purchase of two U.S.
cargoes by Eygpt. 
         
    MARKET NEWS  
    * The U.S. dollar reversed early losses against a basket of
major currencies on Thursday after stronger-than-expected U.S.
economic data put the focus back on a widely anticipated
increase in interest rates by the Federal Reserve.  
    * Oil futures rose in early trading on Friday on growing
optimism that big producing countries will extend output cuts to
curb a persistent glut in crude, with key benchmarks heading for
a second week of gains.  
    * Wall Street rebounded on Thursday from its biggest selloff
in more than eight months with help from a move to loosen
internet regulations and strong economic data.  
    
    DATA AHEAD (GMT) 
0600  Germany               Producer prices             Apr 
0800  Euro zone             Current account             Mar 
1400  Euro zone             Consumer confidence         May 
       
 Grains prices at  0044 GMT
 Contract        Last    Change  Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat    426.75      1.00   +0.23%       -0.06%  435.29    47
 CBOT corn     366.75      0.75   +0.20%       -1.28%  369.60    51
 CBOT soy      946.25      1.50   +0.16%       -3.02%  963.11    38
 CBOT rice      10.77    -$0.12   -1.06%       -1.28%  $10.18    71
 WTI crude      49.46     $0.11   +0.22%       +0.79%  $49.46    63
 Currencies                                                        
 Euro/dlr      $1.111    $0.000   +0.04%       -0.47%              
 USD/AUD       0.7415     0.000   -0.01%       -0.22%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Richard Pullin)
  

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