April 12, 2018 / 2:02 AM / 14 days ago

CORRECTED-GRAINS-Wheat falls 1 pct as ample global supplies weigh

 (Corrects 2nd bullet to say soybeans closed down 0.2 pct, not
up 0.3 pct, on Wednesday)
    SYDNEY, April 12 (Reuters) - U.S. wheat futures fell on
Thursday to extend two-day losses to 2 percent as ample global
supplies pushed prices to a three-day low.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of
Trade eased 1.1 percent to $4.81-3/4 a bushel by 0142 GMT,
near the session low of $4.81-1/4 a bushel - the lowest since
April 9. Wheat closed down 1 percent in the previous session.
    * The most active soybean futures were up 0.2 percent
to $10.49-3/4 a bushel, after closing down 0.2 percent on
Wednesday.
    * The most active corn futures were unchanged at 
$3.87 a bushel, having closed down 0.6 percent in the previous
session
    * Wheat is under pressure after U.S. Department of
Agriculture (USDA) supply/demand report in which the government
raised its forecast of world 2017-18 wheat ending stocks to a
record-high 271.2 million tonnes.
    * Additional pressure stems from a sharp decline in Russia's
currency that could diminish wheat export prospects in the
United States and European Union.
         
    MARKET NEWS  
    * The U.S. dollar slipped against the Japanese yen on
Wednesday as uncertainty over possible Western military action
against Syria fed risk aversion even as fears of a trade war
between the United States and China faded.  
    * Oil markets remained tense on Thursday on concerns of a
military escalation in Syria, but prices were some way off
Wednesday's 2014 highs as bulging American supplies weighed.
  
    * Wall Street stocks fell on Wednesday as possible U.S.
military action against Syria stoked investor concerns about
geopolitical risk to the American economy and minutes from the
Federal Open Market Committee sparked worries about a more
hawkish view on interest-rate increases.  

    DATA AHEAD (GMT)
0900  Euro zone          Industrial production              Feb
1230  U.S.               Export prices                      Mar
1230  U.S.               Import prices                      Mar
1230  U.S.               Weekly jobless claims    
    
 Grains prices at  0142 GMT
 Contract       Last  Change  Pct chg  Two-day chg    MA 30  RSI 
 CBOT wheat   481.75   -5.50   -1.13%       -2.08%   475.04    60
 CBOT corn    387.00    0.00   +0.00%       -0.58%   384.49    56
 CBOT soy    1049.75    2.00   +0.19%       -0.02%  1042.22    60
 CBOT rice     12.81   $0.00   +0.00%       -0.12%   $12.44    76
 WTI crude     66.83   $0.01   +0.01%       +2.01%   $63.21    69
 Currencies                                                      
 Euro/dlr     $1.237  $0.000   +0.03%       +0.12%               
 USD/AUD      0.7762   0.001   +0.10%       +0.04%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 

 (Reporting by Colin Packham; Editing by Sunil Nair)
  
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