Reuters logo
GRAINS-Soybeans fall, set for biggest weekly drop in five months
December 23, 2016 / 3:27 AM / a year ago

GRAINS-Soybeans fall, set for biggest weekly drop in five months

SYDNEY, Dec 23 (Reuters) - U.S. soybeans fell on Friday as
the oilseed was poised to record its biggest weekly loss in five
months as rains in Argentina boosted expectations for already
bumper production from South America.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of
Trade was down more than 4 percent for the week, the
biggest one-week fall since the week of July 22.
    * The most active corn futures were down 2.5 percent
for the week, the biggest one week fall since the week of Aug.
26.
    * The most active wheat futures down nearly 3 percent
for the week, the second consecutive weekly fall.
    * Soybeans under pressure as rains forecast for Argentina,
easing concerns about the threat of crop losses in one of the
world's largest exporters.
    * Export demand for U.S. soybeans has been solid, with the
U.S. Department of Agriculture reporting weekly sales at 1.8
million tonnes. That was above analysts' expectations for 1.1 to
1.4 million. 
    * U.S. corn export sales also topped expectations while
wheat sales barely missed analysts' estimates amid stiff
competition for business from other nations with ample supplies.
    * In South America, Argentina's agriculture ministry raised
its projection for the country's 2016/17 wheat crop to 15.7
million tonnes from a previous estimate of 14.9 million.
 
         
    MARKET NEWS  
    * It was hard to find a pulse in the currency market on
Friday as dealers bedded down for the Christmas holidays, though
the mood remains bullish for more dollar gains in the New Year
as yield spreads widen in its favour.  
    * Oil prices slipped on Friday in thin Asian trade ahead of
the Christmas and New Year holidays, wiping out some of the
gains in the previous session as traders took profits. A strong
dollar also weighed on sentiment.  
    * U.S. stocks fell on Thursday, weighed down by weakness in
retailers, as investors stepped back from a recent rally fuelled
by optimism that President-elect Donald Trump will invigorate
economic growth.  
    
    DATA AHEAD (GMT) 
0700  Germany            GfK consumer sentiment         Jan 
0745  France             GDP final                      Q3 
0745  France             Consumer spending              Nov 
0930  Britain            GDP                            Q3 
1500  U.S.               New home sales                 Nov 
        
 Grains prices at  0258 GMT
 Contract          Last  Change  Pct chg  Two-day chg  MA 30  RSI 
 CBOT wheat      397.75    0.75   +0.19%       -0.44%  412.8    48
                                                           3  
 CBOT corn       347.25    0.00   +0.00%       +0.00%  354.3    42
                                                           2  
 CBOT soy        991.75   -2.75   -0.28%       -1.49%  1020.    29
                                                          68  
 CBOT rice         9.32   $0.04   +0.38%       -0.48%  $9.63    31
 WTI crude        52.64  -$0.31   -0.59%       +0.29%  $49.3    64
                                                           4  
 Currencies                                                       
 Euro/dlr        $1.044  $0.000   +0.03%       +0.14%             
 USD/AUD         0.7207  -0.001   -0.10%       -0.39%             
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Christian Schmollinger)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below