June 2, 2017 / 3:41 AM / 6 months ago

GRAINS-Wheat set for biggest weekly loss since March, soybeans drop fourth week

    * Wheat down 2.4 pct, biggest weekly loss since late March
    * Soybeans fall for 4th week as U.S. crop conditions improve

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, June 2 (Reuters) - Chicago wheat futures lost
more ground on Friday with the market poised for its biggest
weekly loss since late March as forecasts of dry weather across
the U.S. grain belt are expected to boost the harvest.
    Soybeans were set for a fourth weekly decline with improved
planting weather in the U.S. Midwest and record South American
supplies weighing on the market. 
    The Chicago Board of Trade most-active wheat contract
is down 2.4 percent this week, set for its biggest weekly loss
since the week of March 24.
    Soybeans have fallen 1.4 percent so far this week, the
fourth consecutive weekly loss, and corn has dropped more
than 1 percent this week, the first weekly slide in six weeks.
    Wheat is under pressure as forecasts of dry weather raised
the prospect of an early start to the harvest of the U.S. winter
crop.
    "Kansas had faced very heavy rains but now June weather
looks dry and that should be helpful for the wheat harvest,"
said one agriculture commodities analyst.
    "There is dryness expected for a week or so in the U.S.
Midwest that will help soybean plantings accelerate."
    There was additional pressure on soybean prices as a port
strike this week in Argentina did not disrupt supplies. 
    Argentina's government has replaced striking sanitary
inspection workers in the main agricultural port of Rosario,
allowing shipments to resume, albeit with delays, the head of
Rosario's port operators' chamber told Reuters on Thursday.

    Inspection workers with the Apumag union began a 72-hour
strike over a salary dispute on Wednesday, halting the bulk of
export activity in the world's No. 3 soybean shipper and leading
exporter of derivative products like soymeal and soy oil.
    Commodity funds were net sellers of CBOT corn, wheat and
soybean futures contracts on Thursday, traders said.

    
 Grains prices at  0256 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  427.75  -1.25   -0.29%   -0.35%       432.65  48
 CBOT corn   370.50  0.00    +0.00%   -0.40%       369.87  52
 CBOT soy    913.25  1.00    +0.11%   -0.30%       955.21  25
 CBOT rice   11.12   $0.06   +0.59%   -0.13%       $10.37  66
 WTI crude   48.06   -$0.30  -0.62%   -0.54%       $48.69  37
 Currencies                                                
 Euro/dlr    $1.122  $0.001  +0.04%   -0.22%               
 USD/AUD     0.7384  0.001   +0.16%   -0.61%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
         

 (Reporting by Naveen Thukral; Editing by Christian
Schmollinger)
  

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