December 21, 2018 / 4:31 AM / 5 months ago

GRAINS-Soybeans recoup from 3-wk low, set for second straight weekly fall

    * Soybeans down for second straight week
    * Corn edges higher, on course to finish the week down 2 pct
    * Wheat poised to record biggest weekly loss in six 

    By Colin Packham
    SYDNEY, Dec 21 (Reuters) - U.S. soybeans futures held steady
on Friday after hitting a three-week low earlier in the session,
but the oilseed was poised to finish the week down nearly 1
percent amid tepid Chinese demand.
    Corn edged higher, but the grain was on course to record
weekly losses of more than 2 percent, while wheat was poised to
record its biggest weekly loss in six months. 
    The most active soybean futures on the Chicago Board of
Trade were unchanged at 8.93-1/2 a bushel by 0401 GMT,
after earlier hitting a low of $8.91-1/2 a bushel - the lowest
since Nov. 30. Soybeans closed down 0.7 percent on Thursday.
    Soybeans are on course to finish the week down nearly 0.8
percent.
    Analysts said soybeans are under pressure amid
weaker-than-expected Chinese demand.
    "China has bought some cargoes but it has fallen short of
market expectations," said a Melbourne-based grains trader. He
declined to be named as he is not authorised to talk to the
media.
    China's COFCO group            said it had recently bought
two batches of soybeans from the United States, amid a truce in
a trade war between the two nations.
    Chinese importers are planning to make a third round of U.S.
soybean purchases within days, two sources said on Thursday.

    But sales so far totalling more than 3 million tonnes have
fallen short of the pace suggested by forecasts for record-sized
U.S. and global supplies of soybeans this season.
    The most active corn futures were up 0.4 percent at
$3.76-3/4 a bushel, after closing down 1.7 percent in the
previous session.
    Brazilian farmers have started harvesting some soybean
fields and crop prospects have improved with beneficial rains
following early-week concerns about adverse weather.
    Despite edging higher, corn is down more than 2 percent for
the week, their biggest weekly loss since the week ended Sept.
14.
    The most active wheat futures was little changed at
$5.23-1/4 a bushel, after closing down 1.9 percent on Thursday.
    Wheat is down more than 1 percent for the week, the biggest
weekly loss in six weeks.
            
 Grains prices at  0401 GMT
 Contract        Last   Change    Pct chg    Two-day chg    MA 30
 CBOT wheat    523.25    -0.25     -0.05%         +0.14%   518.67
 CBOT corn     376.75     1.50     +0.40%         -1.31%   378.83
 CBOT soy      893.50     0.00     +0.00%         -0.72%   895.03
 CBOT rice      10.51   -$0.02     -0.19%         +0.05%   $10.73
 WTI crude      46.49    $0.61     +1.33%         -1.50%   $52.42
 Currencies                                                      
 Euro/dlr      $1.145   $0.000     +0.04%         +0.65%         
 USD/AUD       0.7114    0.001     +0.07%         +0.10%         
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
    

 (Reporting by Colin Packham; Editing by Rashmi Aich)
  
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