May 12, 2017 / 1:33 AM / 6 months ago

GRAINS-Soybeans steady, set for biggest weekly loss in six weeks

    SYDNEY, May 12 (Reuters) - U.S. soybeans held steady on
Friday but the oilseed was poised to record its biggest one-week
fall in six weeks as forecasts for record global production
weighed on prices.
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board Of
Trade down nearly 1 percent for the week, the biggest
seven-day fall in six weeks.
    * The most active corn futures down nearly 0.5 percent
for the week, the first weekly fall in three weeks.
    * The most active wheat futures down more than 1.5
percent, the first weekly slide in three weeks.
    * The U.S. Department of Agriculture pegged world soybean
ending stocks for both the 2016-17 and 2017-18 marketing years
above trade expectations on Wednesday.
    * Brazilian statistics agency Conab raised its estimate of
the country's 2016-17 crop to 113 million tonnes, from 110.2
million last month.
    * The Buenos Aires Grains Exchange raised its estimate of
Argentina's crop to 57.5 million tonnes, from 56.5 million
previously.
    * The USDA reported export sales of U.S. corn in the last
week at 222,600 tonnes (old and new marketing years combined),
the lowest for a single week since June 2014.
         
    MARKET NEWS  
    * The dollar fell for the first time in five days against
the yen on Thursday, as investors consolidated recent gains,
with concerns related to the fallout of U.S. President Donald
Trump's unexpected dismissal of Federal Bureau of Investigation
chief James Comey also undermining the currency.  
    * Oil prices rose for a second day on Thursday, closing more
than 1 percent higher as support grew for OPEC output cuts a day
after the U.S. government reported a big draw in crude
inventories, boosting confidence that a global glut might
diminish.  
    * U.S. stocks fell on Thursday after worse-than-expected
sales drops at Macy's and Kohl's sparked a selloff in shares of
department stores and stirred fears that consumers are not
spending enough to drive strong economic growth.  
    
    DATA AHEAD (GMT) 
0600  Germany      GDP flash                              Q1 
0900  Euro zone    Industrial production                  Mar 
1230  U.S.         Consumer prices                        Apr 
1230  U.S.         Retail sales                           Apr 
1400  U.S.         Business inventories                   Mar 
1400  U.S.         Univ of Michigan sentiment index       May 
        
 Grains prices at  0102 GMT
 Contract       Last   Change   Pct chg   Two-day chg   MA 30  RSI 
 CBOT wheat   435.50     1.75    +0.40%        +0.87%  438.42    53
 CBOT corn    369.75     0.50    +0.14%        -1.07%  369.96    47
 CBOT soy     965.75    -0.50    -0.05%        -0.46%  961.60    48
 CBOT rice     10.68    $0.04    +0.38%        +3.84%  $10.13    82
 WTI crude     47.87    $0.04    +0.08%        +1.14%  $49.77    52
 Currencies                                                        
 Euro/dlr     $1.086   $0.000    +0.03%        -0.02%              
 USD/AUD      0.7373    0.000    -0.04%        +0.14%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Sonali Paul)
  

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