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GRAINS-Soybeans face weekly decline on bumper Brazil crop forecasts
March 10, 2017 / 1:47 AM / 9 months ago

GRAINS-Soybeans face weekly decline on bumper Brazil crop forecasts

    SINGAPORE, March 10 (Reuters) - Chicago soybean futures were
poised for a weekly decline on Friday, pressured by forecasts of
a record Brazilian crop.
    Wheat edged up but was facing a weekly loss on ample world
supply, while corn was set for its biggest weekly loss since
late August.
    * Chicago Board of Trade soybeans have given up 2.8
percent this week, falling for five out seven weeks.
    * Wheat is down almost 2 percent this week after
climbing for the last two weeks.
    * Corn is down 3.6 percent, set for its biggest
decline since the week ending Aug. 26. 
    * The soybean market is facing headwinds as the U.S.
Department of Agriculture in a monthly supply/demand report
increased its forecast of Brazil's 2016/17 soybean harvest to an
all-time high 108 million tonnes, from 104 million in February. 
    * The agency also cut its estimate of U.S. 2016/17 soybean
exports, citing competition from the big Brazilian crop, and
consequently raised its forecast of U.S. soy ending stocks to
435 million bushels, above an average of analyst estimates.

    * Earlier on Thursday, Brazil's agricultural statistics
agency Conab raised its estimate for the country's 2016/17
soybean crop to 107.6 million tonnes on Thursday, more than 2
million tonnes above its previous forecast.
    * Recent rains in Argentina's main soy-growing regions have
helped maximize yields in higher-altitude areas not affected by
floods that have soaked lower-lying fields, the Buenos Aires
Grains Exchange said in its weekly crop report on Thursday.
    * The corn market is facing pressure as the USDA upped its
estimates of corn output in Brazil as well as Argentina. The
USDA raised its forecast of global 2016/17 corn ending stocks to
220.68 million tonnes, above an average of trade expectations
and up from 217.56 million last month.
    * Wheat is down for the week, but the market on Friday found
underlying support after the USDA trimmed its forecast of U.S.
2016/17 wheat ending stocks to 1.129 billion bushels, down 10
million from last month. But forecasts calling for much-needed
moisture in the Plains kept a lid on gains.
    * Commodity funds were net sellers of Chicago Board of Trade
corn, soybean and wheat futures contracts on Thursday. Trader
estimates of net fund selling in corn ranged from 10,000 to
20,000 contracts and in soybeans from 8,000 to 11,000 contracts.

    * Asian stocks edged up and the dollar rose to 1-1/2-month
highs versus the yen on Friday ahead of the U.S. non-farm
payrolls report due later in the day.
0700 Germany Trade data Jan
0700 Germany Wholesale price index Feb
0745 France Industrial output Jan
0930 Britain Industrial output Jan
1330 U.S. Nonfarm payrolls Feb
1330 U.S. Unemployment rate Feb
 Grains prices at  0128 GMT
 Contract    Last     Change  Pct chg  Two-day chg  MA 30    RSI
 CBOT wheat  444.50   0.50    +0.11%   -2.63%       450.99   43
 CBOT corn   367.25   0.25    +0.07%   -2.33%       374.63   36
 CBOT soy    1008.25  -2.75   -0.27%   -1.66%       1043.75  32
 CBOT rice   9.67     -$0.04  -0.36%   +1.47%       $9.73    59
 WTI crude   49.69    $0.41   +0.83%   -1.17%       $52.99   24
 Euro/dlr    $1.059   $0.001  +0.11%   +0.46%                
 USD/AUD     0.7517   0.001   +0.17%   -0.12%                
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 RSI 14, exponential
 (Reporting by Naveen Thukral; Editing by Joseph Radford)

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