July 7, 2017 / 4:43 AM / a month ago

GRAINS-Wheat falls 1 pct, but still set for fifth weekly gain

    * Wheat prices retreat from two-year high
    * Corn on track for weekly gain of 5 pct
    * Soybeans rally, on course to advance 5 pct over week

    By Colin Packham
    SYDNEY, July 7 (Reuters) - U.S. wheat fell 1 percent on
Friday as prices continued to retreat from a two-year high
touched earlier in the week, though the commodity was still on
track for its fifth straight weekly gain.
    Corn edged lower, but was set to record weekly gains of more
than 5 percent, while soybean prices edged higher.
    The most active wheat futures on the Chicago Board of Trade
 fell 1 percent to $5.33-3/4 a bushel, after closing down
3.8 percent on Thursday. 
    Wheat hit a two-year high earlier in the week at $5.74-1/2 a
bushel.
    Despite edging lower, wheat is still up nearly 1.5 percent
for the week, the fifth straight weekly rally. Prices have
soared more than 24 percent over that five-week period.
    "Generally a reversal of this scale is required to put a
full stop on powerful moves like the rally of the past week or
so," said Tobin Gorey, director of agricultural strategy,
Commonwealth Bank.
    The price retreat comes despite further forecasts for hot
dry weather in key U.S. wheat-growing regions that have sparked
worries about widespread production losses.
    The unfavourable weather threatens to stoke further
downgrades to the quality of U.S. supplies.    
    The U.S. Department of Agriculture said on Wednesday
afternoon that good-to-excellent ratings for U.S. spring wheat
dropped 3 percentage points to 37 percent in the latest week,
slightly below market expectations.
    The most active soybean futures rose 0.23 percent to
$10.01-1/2 a bushel, after closing up 0.5 percent in the
previous session.
    Soybeans are up nearly 5 percent for the week, extending
two-week gains to nearly 10 percent.
    The most active corn futures fell 0.4 percent to
$4.01-1/4 a bushel, after closing down 0.3 percent in the
previous session.
    Corn is up more than 5 percent for the week, the second
weekly gain in a row.
    Private analytics firm Informa Economics on Thursday
projected U.S. 2017 corn production at 14.166 billion bushels
based on an average yield of 169.7 bushels per acre, trade
sources said. That compares with USDA forecasts of 14.065
billion bushels and 170.7 bushels per acre.
        
 Grains prices at  0419 GMT
 Contract        Last   Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat    533.75    -5.25    -0.97%       -4.69%  476.67    65
 CBOT corn     401.25    -1.50    -0.37%       -0.74%  395.78    65
 CBOT soy     1001.50     2.25    +0.23%       +0.73%  941.84    83
 CBOT rice      11.90   -$0.03    -0.21%       -0.04%  $11.60    68
 WTI crude      44.92   -$0.60    -1.32%       -0.47%  $45.79    47
 Currencies                                                        
 Euro/dlr      $1.142   $0.000    -0.04%       +0.58%              
 USD/AUD       0.7586    0.000    +0.01%       -0.18%              
 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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