December 4, 2019 / 1:53 AM / 3 months ago

GRAINS-Wheat extends slide, hits 9-day low on ample global supplies

SYDNEY, Dec 4 (Reuters) - U.S. wheat futures dropped for a third straight session on Wednesday as pressure from ample global supplies pushed prices to a nine-day low.


* The most active wheat futures on the Chicago Board Of Trade were down 0.3% at $5.23-1/2 a bushel, as of 0135 GMT, hovering near a session low of $5.22-1/2 a bushel - the weakest since Nov. 25. Wheat closed 1.9% lower on Tuesday.

* The most active soybean futures were up 0.2% at $8.72-3/4 a bushel, having ended 0.1% firmer in the previous session.

* The most active corn futures were down 0.2% at $3.80-1/2 a bushel, having closed down 0.2% in the previous session.

* Wheat came under pressure amid ample global supplies, despite concerns about dwindling production in Australia.

* In its weekly crop progress report on Monday afternoon, the U.S. Department of Agriculture said 89% of U.S. corn was harvested, up just 5 percentage points from a week earlier and compared with the five-year average of 98%.

* Brazil’s 2019/2020 soybean crop, in the final phase of planting, could reach a record 122.7 million tonnes, according to the average forecast in a Reuters survey with 16 market analysts, which would be up 6.7% from the government’s estimate for the previous season.


* The yen and Swiss franc held gains against the dollar on Wednesday as appetite for safe-havens spiked after U.S. President Donald Trump warned a trade deal with China might not come until after the 2020 U.S. presidential election.

* Oil steadied on Tuesday, settling narrowly mixed as expectations of output cuts from OPEC and allied producers helped prices bounce after a slide following comments from U.S. President Donald Trump that a trade deal with China may be delayed.

* U.S. stocks sold off for a third consecutive session on Tuesday after comments from President Donald Trump and Commerce Secretary Wilbur Ross threw cold water on hopes of a possible near-term respite from the market-bruising U.S.-China trade war. (Reporting by Colin Packham, Editing by Sherry Jacob-Phillips)

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