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GRAINS-Wheat firms 1 pct, set for biggest weekly loss in more than 6 mths
July 14, 2017 / 1:44 AM / 2 months ago

GRAINS-Wheat firms 1 pct, set for biggest weekly loss in more than 6 mths

    SYDNEY, July 14 (Reuters) - U.S. wheat prices rose 1 percent
on Friday to rebound from a two-week low touched in the previous
session, though the grain was poised to record its biggest
weekly losses in more than six months as fears of tight U.S.
supplies ease.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board of
Trade are down nearly 3.5 percent for the week, the
biggest weekly fall since Dec.23, 2016.
    * The most active soybean futures were down more than
2.5 percent for the week, the first weekly slide in three weeks.
    * The most active corn futures were down nearly 5
percent for the week, after previously posting two-week gains of
nearly 13 percent.
    * Grain prices are under pressure from forecasts for cooler
temperatures across key U.S. growing regions, easing fears of
widespread production losses from unfavourable weather.
    * The U.S. Department of Agriculture's July report increased
U.S. winter wheat production while reducing projected output of
spring wheat -- the variety that has been hit by drought and
heat in the northern U.S. Plains -- by less than expected.
 
    * The USDA also raised its forecasts of end-2017/18 U.S.
corn stocks to 2.325 billion bushels, up from 2.110 billion in
June and above an average of analyst estimates of 2.181 billion.

         
    MARKET NEWS  
    * The dollar trod water against a group of peers early on
Friday, as currency investors remained cautious ahead of U.S.
inflation data due later in the session, which is expected to
set the greenback's near-term direction.  
    * Oil prices rose 1.3 percent on Thursday after much
stronger demand in China overshadowed a downbeat report by the
International Energy Agency (IEA) that showed higher production
by key OPEC exporters.  
    * Wall Street posted slight gains on Thursday and the Dow
hit another record high close, with financials rising ahead of
profit reports due Friday from several big U.S. banks.  
    
    DATA (GMT)
0600   Germany   Final consumer prices       Jun  
0645   France    Consumer prices (INSEE)     Jun  
1230   U.S.      Producer prices             Jun 
1230   U.S.      Jobless claims              weekly 
        
 Grains prices at  0125 GMT
 Contract         Last   Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat     516.75     5.00    +0.98%       -3.77%  491.18    46
 CBOT corn      384.75     1.75    +0.46%       -3.51%  396.85    36
 CBOT soy       987.50     0.00    +0.00%       -4.50%  956.92    50
 CBOT rice       11.70   -$0.05    -0.47%       -1.14%  $11.69    48
 WTI crude       46.03   -$0.05    -0.11%       +1.19%  $45.16    59
 Currencies                                                         
 Euro/dlr       $1.141   $0.001    +0.09%       -0.04%              
 USD/AUD        0.7739    0.001    +0.17%       +0.83%              
 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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