June 15, 2018 / 2:13 AM / 9 days ago

GRAINS-Corn prices fall, set for biggest weekly loss in a year

    SYDNEY, June 15 (Reuters) - U.S. corn futures edged down on
Friday to hit a four-month low, with forecasts for crop-friendly
weather set to push the grain towards its biggest weekly loss in
a year.
         
    FUNDAMENTALS  
    * The most active corn futures on the Chicago Board of Trade
 are down more than 4 percent for the week, on course for
their biggest weekly slide in nearly a year.
    * Corn had dropped 0.2 percent on Friday to $3.62-1/4 a
bushel by 0148 GMT, near the session-low of $3.62 a bushel, the
weakest since Feb. 9.
    * The most active soybean futures are down more than 5
percent for the week, extending two-week losses to more than 10
percent.
    * The most active wheat futures are down nearly 3.5
percent for the week, the third consecutive weekly slide.
    * Favourable weather forecasts are raising expectations for
bumper U.S. corn and soybean production.
    * Concerns about trade tensions with China, the largest
buyer of the oilseed, continue to overhang the market.
         
    MARKET NEWS  
    * Oil prices were little changed in early Asian trade on
Friday, as investors eyed a key OPEC meeting in Vienna and Saudi
Arabia and Russia, architects of a producer deal to cut output,
indicated they want production to rise.  
    * Oil prices were little changed in early Asian trade on
Friday, as investors eyed a key OPEC meeting in Vienna and Saudi
Arabia and Russia, architects of a producer deal to cut output,
indicated they want production to rise.  
    *  The S&P 500 edged up and the Nasdaq reached another
record closing high on Thursday after the European Central Bank
said it would avoid raising interest rates until mid-2019, and
data showed U.S. economic strength.  
    
    DATA AHEAD (GMT)
0130  China        House prices                              May
0600  Germany      Wholesale price index                     May
0900  Euro zone    Eurostat trade                            Apr
1230  U.S.         New York Fed manufacturing                Jun
1315  U.S.         Industrial production                     May
1400  U.S.         University of Michigan sentiment index    Jun
        
 Grains prices at  0148 GMT
 Contract      Last   Change   Pct chg  Two-day chg    MA 30  RSI
 CBOT wheat  502.25     0.75    +0.15%       -2.76%   515.16   38
 CBOT corn   362.25    -0.75    -0.21%       -3.66%   391.84   27
 CBOT soy    920.75    -6.50    -0.70%       -1.63%  1001.22   10
 CBOT rice    12.24   -$0.07    -0.57%       +1.20%   $12.02   65
 WTI crude    66.94    $0.05    +0.07%       +0.45%   $68.72   53
 Currencies                                                      
 Euro/dlr    $1.157   $0.000    +0.01%       -1.87%              
 USD/AUD     0.7463   -0.001    -0.20%       -1.49%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham
Editing by Joseph Radford)
  
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