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GRAINS-Wheat hits 4-month low on ample supplies, soybeans tick up
April 21, 2017 / 1:48 AM / 8 months ago

GRAINS-Wheat hits 4-month low on ample supplies, soybeans tick up

    SINGAPORE, April 21 (Reuters) - Chicago wheat futures were
little changed on Friday after dropping to a four-month low
earlier in the session, pressured by plentiful global supplies.
    Soybeans ticked higher, recouping the previous session's
decline, while corn edged up after dropping more than 1 percent
on Thursday.
    * For the week, July wheat contract has given up
almost 5 percent, the biggest weekly decline in eight months.
Corn has lost 3.5 percent after gaining almost 3 percent
last week, and soybeans are down 0.6 percent, giving up
some of last week's gains.
    * The wheat market on Thursday suffered its biggest daily
loss since late August. Large export surpluses in key global
suppliers are shackling Chicago wheat futures.
    * The market absorbed weather forecasts for the U.S. Plains
and Midwest that were largely favourable for winter wheat crops
as they near maturity.
    * The U.S. Agriculture Department on Thursday said weekly
export sales of soybeans fell to 225,000 tonnes (old-crop and
new-crop combined), below trade forecasts for 400,000-800,000
    * Corn export sales came in at 848,200 tonnes, near the low
end of expectations. Export sales of wheat were 551,100 tonnes.
    * Brazilian farmers should produce a record 2016-17 corn
crop of 93.2 million tonnes this year, a Reuters poll indicated
on Thursday, topping the 89.6 million tonnes expected in a
previous survey.
    * Corn output will be boosted by a record second corn crop
(winter crop), seen by market analysts surveyed by Reuters at 63
million tonnes. Soy production in 2016-17 is expected to reach
110.8 million tonnes compared to 106.8 million tonnes in a
previous poll.
    * Asian stocks rose, lifted by bets on strong U.S. earnings
and U.S. tax reform, while the euro retreated from a three-week
high as jitters returned over the first round of French
presidential elections on Sunday after a shooting in Paris.

0700  France   Markit manufacturing flash PMI      Apr
0730  Germany  Markit manufacturing flash PMI      Apr
0800  Euro zone Markit manufacturing flash PMI     Apr
0800  Euro zone Markit services flash PMI          Apr
0830  Britain Retail sales                         Mar
1345  U.S. Markit manufacturing flash PMI          Apr
1345  U.S. Markit services flash PMI               Apr
1400  U.S. Existing home sales                     Mar
1400  G20 Finance Ministers and Central Bank Governors
           meeting in Washington (to April 22)    
 Grains prices at  0127 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  406.50  0.25    +0.06%   -3.79%       427.42  25
 CBOT corn   358.00  0.25    +0.07%   -1.04%       362.63  37
 CBOT soy    949.75  3.00    +0.32%   +0.40%       969.95  48
 CBOT rice   9.83    -$0.02  -0.20%   -2.19%       $9.94   27
 WTI crude   50.79   $0.08   +0.16%   +0.69%       $50.08  42
 Euro/dlr    $1.072  $0.008  +0.73%   +1.03%               
 USD/AUD     0.7524  -0.006  -0.82%   -0.63%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 RSI 14, exponential
 (Reporting by Naveen Thukral; Editing by Kenneth Maxwell)

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