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GRAINS-Soybeans eye biggest weekly gain since Nov as U.S. cuts stocks estimate
January 13, 2017 / 1:37 AM / a year ago

GRAINS-Soybeans eye biggest weekly gain since Nov as U.S. cuts stocks estimate

SINGAPORE, Jan 13 (Reuters) - Chicago soybean futures were
on track on Friday for their biggest weekly gain since late
November, with prices underpinned by the U.S. government
reducing its estimate for yields and stockpiles. 
    Wheat is on track for a third week of gains after the U.S.
Department of Agriculture said farmers slashed their winter
wheat plantings to the lowest in more than a century.
    * The USDA trimmed its estimate of the U.S. 2016 soybean
yield to 52.1 bushels per acre, still an all-time high, but down
from its previous figure of 52.5 and below an average of trade
estimates for 52.7. 
    * The agency also lowered its forecast of U.S. 2016/17
soybean ending stocks to 420 million bushels, from 480 million
last month. 
    * The Chicago Board of Trade most-active soybean contract
 has risen 4.2 percent this week, the most since the week
ending November 25. Wheat is up about half a percent,
rising for a third week in a row while corn is little
changed after climbing for two weeks. 
    * CBOT wheat found support on Thursday after the USDA pegged
U.S. winter wheat plantings for harvest in 2017 at 32.4 million
acres, down 10 percent from a year ago and the least in more
than a century. Analysts said the decline reflected ample
domestic supplies that have pressured farmgate prices.
    * However, underscoring burdensome old-crop supplies, the
USDA also reported U.S. Dec. 1 wheat stocks at 2.073 billion
bushels, up from 1.75 billion a year earlier and the highest
Dec. 1 figure since 1987.
    * Corn is under pressure after USDA's reports confirmed
hefty U.S. supplies after a record harvest topping 15 billion
    * Long queues of trucks loaded with soybeans have been
forming in front of elevators in the heart of Brazil's grain
belt this week, a sure sign the harvest is speeding up and will
soon pour an expected record volume of the oilseed into the
    * Asian shares dipped on Friday but remained on track for
weekly gains while the dollar was poised for a losing week, as
investors weighed whether President-elect Donald Trump would
stress growth-boosting steps when he takes office. 
 ::  China Trade data Dec
0700 Germany Wholesale price index Dec
1330 U.S. Retail sales Dec
1500 U.S. Business inventories Nov
1500 U.S. Univ of Michigan sentiment index Jan
 Grains prices at  0115 GMT
 Contract    Last     Change  Pct chg  Two-day chg  MA 30    RSI
 CBOT wheat  426.00   -0.25   -0.06%   +1.73%       411.10   65
 CBOT corn   357.25   -1.00   -0.28%   +0.00%       355.04   57
 CBOT soy    1036.75  -3.50   -0.34%   +2.50%       1025.87  62
 CBOT rice   9.93     -$0.05  -0.55%   +3.28%       $9.79    74
 WTI crude   52.99    -$0.02  -0.04%   +1.42%       $52.33   52
 Euro/dlr    $1.062   $0.001  +0.05%   +0.33%                
 USD/AUD     0.7489   0.001   +0.09%   +0.66%                
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 RSI 14, exponential
 (Reporting by Naveen Thukral; Editing by Sonali Paul)

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