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GRAINS-Wheat prices steady, poised for biggest weekly gain in nearly 2 mths
October 14, 2016 / 1:02 AM / a year ago

GRAINS-Wheat prices steady, poised for biggest weekly gain in nearly 2 mths

SYDNEY, Oct 14 (Reuters) - U.S. wheat held steady on Friday,
but was poised to record its biggest weekly gain in nearly two
months as export demand prompted a wave of short-covering.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board of
Trade were up more than 5 percent for the week.
    * The most active soybean futures were down nearly 0.5
percent over the week, giving back all their gains from the week
before.
    * The most active corn futures were up more than 2.5
percent for the week, the biggest weekly climb in a month.
    * Commodity funds held a historically large net short
position in CBOT wheat as of Oct. 4, leaving the market
vulnerable to short-covering rallies.   
    * Saudi Arabia and Egypt both announced plans to buy wheat.
Algeria announced a purchase tender earlier this week, and Syria
struck a deal to purchase 1 million tonnes of Russian wheat.
    
    * Soybean prices face resistance from a record-large U.S.
crop. The U.S. Department of Agriculture on Wednesday raised its
forecast for U.S. soybean production to 4.269 billion bushels.
         
    MARKET NEWS  
    * The dollar held below this week's highs on Friday but was
still on track for a weekly gain, as investors awaited U.S.
retail sales data and remarks from Federal Reserve officials
that could cement expectations of a U.S. interest rate hike this
year.  
    * Oil prices settled up on Thursday after a U.S. government
report showing hefty draws in diesel and gasoline offset the
first crude inventory build in six weeks.  
    * U.S. stocks slipped on Thursday led by falls in financial
shares and following weak Chinese economic data but a late-day
rebound in oil prices limited the day's decline.  
    
    
 Grains
 prices at
  0042 GMT
 Cont  Last  Chan   Pct  Two-    MA  RSI 
 ract          ge   chg   day    30  
                          chg        
 CBOT  415.  -0.2  -0.0  +2.0  402.    66
 whea    75     5    6%    9%    10  
 t                                   
 CBOT  349.  -0.5  -0.1  +1.0  336.    64
 corn    00     0    4%    1%    86  
 CBOT  954.  -2.0  -0.2  +0.0  959.    49
 soy     25     0    1%    0%    66  
 CBOT  10.2  -$0.  -0.2  -1.7  $9.8    63
 rice     1    02    0%    8%     3  
 WTI   50.4  $0.0  +0.0  +0.6  $46.    63
 crud     8     4    8%    0%    91  
 e                                   
 Curr                                    
 enci                                
 es                                  
 Euro  $1.1  -$0.  -0.1  +0.3            
 /dlr    05   001    0%    5%        
 USD/  0.75  0.00  +0.0  +0.1            
 AUD     71     0    4%    5%        
 Most
 active
 contracts
 Wheat,
 corn and
 soy US
 cents/bus
 hel.
 Rice: USD
 per
 hundredwe
 ight
 RSI 14,
 exponenti
 al
 
    DATA AHEAD (GMT) 
0130  China        Consumer prices                          Sep 
0130  China        Producer prices                          Sep 
0900  Euro zone    Eurostat trade                           Aug 
1230  U.S.         Retail sales                             Sep 
1400  U.S.         Business inventories                     Aug 
1400  U.S.         Univ of Michigan sentiment index         Oct 

 (Reporting by Colin Packham; Editing by Joseph Radford)

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