June 8, 2018 / 3:29 AM / in 2 months

GRAINS-Soybeans face biggest weekly loss in 10 months on U.S. crop weather

    * Soybeans little changed after Thursday's deep losses
    * Near-perfect growing conditions for corn, soybean in U.S.
Midwest
    * Wheat up for 4th session on dry weather in Australia,
Russia

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, June 8 (Reuters) - Chicago soybean futures were
set for their biggest weekly loss in 10 months on Friday as
benign weather across much of U.S. Midwest boosted hopes of
another bumper crop.
    Wheat is on track for a weekly gain with persistent dry
weather in Russia and Australia underpinning the market which
has risen for four straight sessions.
    The most-active soybean contract on the Chicago Board of
Trade has given up 4.9 percent this week, on course for
its biggest weekly slide since early August. Soybeans on Friday
hit their lowest since Feb. 6 at $9.72-1/2 a bushel.
    Wheat is up 1.2 percent this week, after posting
losses of 3.6 percent last week and corn has lost 4
percent in its second week of decline.
    Wheat prices were supported by concerns over global
production amid dry weather in Australia and Russia.
    "Dry weather in the Black Sea and Australia is supporting
prices. This comes as there are also reports of lower than
expected yields in the United States," said Angus Thornton,
commodity analyst at Profarmer Australia.
    Chicago wheat futures are forecast to remain over $5 a
bushel in the second half of 2018, underpinned by expected poor
harvests in several key producer countries plus firm corn
markets, Germany's Commerzbank said on Thursday.
    The market is forecast to be around $5.50 a bushel in the
third quarter of 2018 and around $5.30 in the fourth quarter,
Commerzbank said in a report.
    Soybean and corn prices have come under pressure as
forecasts for beneficial rains in the U.S. Midwest through early
next week bolster production prospects.
    Crops are already off to a good start, with the U.S.
Department of Agriculture this week rating 75 percent of the
U.S. soybean crop and 78 percent of the corn in
good-to-excellent condition.
    In Brazil, the soybean planted area is expected to grow by 1
million hectares next season, Agroconsult consultancy said.
    Commodity funds were net sellers of CBOT corn, soybean,
soymeal and soyoil futures contracts on Thursday and net buyers
of wheat futures, traders said.
    Trader estimates of net fund selling in corn ranged from
12,000 to 30,000 contracts and in soybeans from 17,000 to 20,000
contracts.
    
 Grains prices at 0302 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30    RSI
 CBOT wheat  530.00  3.25    +0.62%   +3.92%       515.38   57
 CBOT corn   376.00  -0.25   -0.07%   -2.02%       398.15   23
 CBOT soy    972.00  -2.25   -0.23%   -2.92%       1022.23  21
 CBOT rice   11.10   -$0.11  -1.03%   +1.42%       $12.24   35
 WTI crude   66.05   $0.10   +0.15%   +0.81%       $69.05   41
 Currencies                                                 
 Euro/dlr    $1.180  $0.002  +0.20%   +0.67%                
 USD/AUD     0.7614  -0.005  -0.68%   -0.01%                
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
    

 (Reporting by Naveen Thukral; additional reporting by Colin
Packham in SYDNEY)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below