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GRAINS-Soybeans fall to 6-week low, set for third straight weekly loss
May 26, 2017 / 1:55 AM / 6 months ago

GRAINS-Soybeans fall to 6-week low, set for third straight weekly loss

    SYDNEY, May 26 (Reuters) - U.S. soybeans edged lower to hit
a six-week low on Friday as weak oil prices were set to pressure
the oilseed, which is used to make ethanol, towards a third
straight weekly decline.
    * The most active soybean futures on the Chicago Board Of
Trade down more than 1.5 percent for the week, its biggest
weekly loss in two months.
    * Soybeans hit a low of $9.36-1/2 a bushel on Friday - the
lowest since April 11.
    * The most active corn futures were down about 1
percent for the week, the biggest weekly fall since April 21.
    * The most active wheat futures were down 1 percent
for the week.
    * Soybeans are a feedstock for ethanol and demand for the
alternative fuel eases when oil prices decline. 
    * The U.S. Agriculture Department reported weekly export
sales of U.S. corn at 457,700 tonnes (old and new crop years
combined), below a range of trade expectations.
    * Commodity currencies got off to a shaky start on Friday,
having tracked oil prices lower, after a meeting of OPEC
countries disappointed some investors who had hoped for larger
production cuts.  
    * Oil prices tumbled 5 percent on Thursday as the extension
of output curbs by OPEC and other producing countries
disappointed investors who had hoped for larger cuts, leading to
the biggest daily percentage slide in crude prices since early
    * The S&P 500 and Nasdaq hit record closing highs on
Thursday, with the market propped up by gains in the consumer
discretionary sector after strong reports from Best Buy and
other retailers.  
1230  U.S.       Durable goods                              Apr 
1230  U.S.       GDP 2nd estimate                           Q1 
1400  U.S.       Univ of Michigan sentiment index final     May
 Grains prices at  0132 GMT
 Contract        Last   Change  Pct chg  Two-day chg   MA 30  RSI 
 CBOT wheat    430.50    -0.25   -0.06%       -0.46%  433.07    55
 CBOT corn     369.25     0.00   +0.00%       -0.54%  369.46    53
 CBOT soy      936.75    -2.75   -0.29%       -1.21%  961.68    33
 CBOT rice      10.86   -$0.07   -0.69%       -1.81%  $10.26    59
 WTI crude      48.85   -$0.05   -0.10%       -4.89%  $49.03    43
 Euro/dlr      $1.120  -$0.001   -0.06%       -0.13%              
 USD/AUD       0.7444   -0.001   -0.11%       -0.77%              
 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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