July 14, 2017 / 3:45 AM / 12 days ago

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

3 Min Read

    * Wheat moves away from 2-week low
    * Corn prices set to finish week down 5 pct
    * Soybeans hit weakest in 9 days

    By Colin Packham
    SYDNEY, July 14 (Reuters) - U.S. wheat rose nearly 1 percent
on Friday to move away from a two-week low touched in the
previous session, but prices remained under pressure from
forecasts for cooler temperatures that could help crops.
    Corn edged higher but was set to post its first weekly loss
in three-weeks, while soybeans firmed after earlier hitting a
nine-day low.
     The most active wheat futures on the Chicago Board of Trade
 climbed 0.9 percent to $5.16-1/2 a bushel. They closed
down 4.5 percent on Thursday, when they marked their lowest
since June 30 at $5.09-1/4 a bushel.
    Under pressure from forecasts for more favourable weather,
wheat is down 3.5 percent for the week, the biggest weekly fall
since December.
    "Worries that we were perhaps headed for another turf war
for crops next season has been dispelled by a cooler, wetter
turn in U.S. Midwest weather forecasts," said Tobin Gorey,
director of agricultural strategy, Commonwealth Bank of
Australia.
    Earlier in the week, the U.S. Department of Agriculture
increased its estimate for 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 most active soybean futures were down 0.1 percent
at $9.88-1/4 a bushel, near the session-low of $9.84 a bushel,
the weakest since July 5.
    Soybeans are down more than 2.5 percent for the week, the
first weekly slide in three weeks.
    The most active corn futures were up 0.3 percent at
3.84-1/4 a bushel, after closing down 4 percent in the previous
session.
    Corn is down 5 percent for the week, after previously
posting two-week gains of nearly 13 percent.
    The weather outlook adds to price pressure from the USDA's
forecasts of end-2017/18 U.S. corn stocks at 2.325 billion
bushels, up from 2.110 billion in June and above an average of
analyst estimates of 2.181 billion. 
        
 Grains prices at  0307 GMT
 Contract       Last   Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat   516.50     4.75    +0.93%       -3.82%  491.18    46
 CBOT corn    384.25     1.25    +0.33%       -3.64%  396.83    36
 CBOT soy     988.25     0.75    +0.08%       -4.42%  956.94    50
 CBOT rice     11.67   -$0.09    -0.72%       -1.39%  $11.68    48
 WTI crude     46.01   -$0.07    -0.15%       +1.14%  $45.16    59
 Currencies                                                       
 Euro/dlr     $1.141   $0.001    +0.11%       -0.03%              
 USD/AUD      0.7735    0.001    +0.12%       +0.78%              
 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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