November 8, 2019 / 3:29 AM / 11 days ago

GRAINS-Corn set for biggest weekly loss in 2 months on weak demand

    * Corn down 3.5% this week on poor demand for U.S. cargoes
    * Soybeans unmoved after firming 1% on Thursday
    * U.S.-China trade deal hopes may support prices

 (Recasts with move in corn market, adds quote)
    By Naveen Thukral
    SINGAPORE, Nov 8 (Reuters) - Chicago corn futures on Friday were on track for their biggest
weekly loss in two months, as lower demand for U.S. supplies and harvest pressure weighed on the
market.
    Soybeans were little changed after closing nearly 1% higher on Thursday on renewed optimism
about an interim U.S.-China trade deal after government officials said it could include a phased
rollback of tariffs.
    The most-active corn contract on the Chicago Board Of Trade is down 3.5% this week, the
biggest loss since Sept. 6.
    Soybeans were almost flat for the week after climbing 1.8% last week and wheat has
lost 0.6% this week, the third straight weekly loss.
    Export sales of U.S. corn and wheat were near the low end of trade expectations, which weighed
on both markets, according to the U.S. Department of Agriculture (USDA) data.
    "U.S. export sales data published overnight continue to show that sales are slow," said Tobin
Gorey, director of agricultural strategy at Commonwealth Bank of Australia.
    "U.S. export sales are, by one methodology, about 4 million tonnes behind where they would
normally be by now. That anomaly is just too big to ignore, so prices fell."
    The USDA said about 1.8 million tonnes of soybeans were sold for export last week, above
expectations for 600,000 to 1.2 million tonnes. The sales included 956,300 tonnes bound for China.
  
    The USDA said private exporters sold another 136,000 tonnes of the soybeans to China this week.

    China and the United States have agreed to roll back tariffs on each others' goods in a "phase
one" trade deal if it is completed, officials from both sides said on Thursday, sparking division
among some advisers to President Donald Trump.
    Price moves were restrained by caution ahead of Friday's USDA report, scheduled for release at
noon EST (1700 GMT), with the consensus in a Reuters poll suggesting it will cut the outlook for
both U.S. soybeans and corn.
    Commodity funds were net sellers of CBOT corn, wheat and soyoil futures contracts on Thursday,
and net buyers of soybean and soymeal futures, traders said.
    
 Grains prices at 0301 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  513.00  0.50    +0.10%   -0.73%       508.77  49
 CBOT corn   375.75  0.50    +0.13%   -0.79%       387.89  25
 CBOT soy    936.50  0.00    +0.00%   +0.97%       938.73  54
 CBOT rice   12.02   -$0.02  -0.12%   +0.13%       $12.05  56
 WTI crude   56.90   -$0.25  -0.44%   +0.98%       $54.55  
 Currencies                                                
 Euro/dlr    $1.105  $0.000  +0.02%   -0.13%               
 USD/AUD     0.6878  -0.002  -0.28%   -0.06%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD
 per hundredweight
 RSI 14, exponential
    

 (Reporting by Naveen Thukral; editing by Uttaresh.V)
  
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