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GRAINS-Soybeans fall, set for biggest weekly decline in 5 months
December 23, 2016 / 4:12 AM / a year ago

GRAINS-Soybeans fall, set for biggest weekly decline in 5 months

* Soybeans hit two-month low, down nearly 5 pct for week
    * Corn set for biggest weekly slide in 4 months
    * Wheat edges lower, set for second straight weekly loss

    SYDNEY, Dec 23 (Reuters) - U.S. soybeans fell on Friday to
hit a two-month low as rains in Argentina eased fears of
production losses, pushing the oilseed to its biggest one-week
fall in five months.
    Corn was little changed but was set for its biggest one-week
fall in four months, while wheat was set for its second weekly
fall.
    The most active soybean futures on the Chicago Board Of
Trade fell 0.6 percent to $9.88-3/4 a bushel by 0351 GMT,
the lowest since Nov. 18. Soybeans closed down 1.2 percent on
Thursday.
    Soybeans are down more than 4.5 percent for the week, the
biggest one-week fall since the week of July 22.
    Prices are under pressure amid forecasts for rain across
Argentina, analysts said, easing concerns about potential crop
losses which had led to recent gains.
    "There have been various weather concerns but it does not
alter the picture, which is one of ample supplies," said Phin
Ziebell, agribusiness economist, National Australia Bank.
    The weakness was tempered slightly by continued strong
demand for U.S. supplies. 
    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. 
     The most active corn futures fell 0.1 percent to
$3.46-3/4 a bushel after closing little changed in the previous
session.
    Corn is down 2.5 percent for the week, the biggest one week
fall since the week of Aug. 26.
    The most active wheat futures was unchanged at $3.97 a
bushel after closing down 0.6 percent in the previous session
    Wheat is down nearly 3 percent for the week, the second
consecutive weekly fall.
    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. 
       
 Grains prices at  0351 GMT
 Contract       Last   Change   Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat   397.00     0.00    +0.00%       -0.63%  412.80    47
 CBOT corn    347.00    -0.25    -0.07%       -0.07%  354.31    41
 CBOT soy     988.75    -5.75    -0.58%       -1.79%  1020.5    28
                                                           8  
 CBOT rice      9.32    $0.04    +0.38%       -0.48%   $9.63    31
 WTI crude     52.62   -$0.33    -0.62%       +0.25%  $49.34    63
 Currencies                                                       
 Euro/dlr     $1.044   $0.001    +0.08%       +0.19%              
 USD/AUD      0.7204   -0.001    -0.14%       -0.43%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Richard Pullin)

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