June 7, 2019 / 1:59 AM / 12 days ago

GRAINS-Wheat dips, but set to finish week up 1%

    SYDNEY, June 7 (Reuters) - U.S. wheat futures edged lower on
Friday, though concerns about lower production in major
exporters pushed the grain towards its fourth straight weekly
gain.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of
Trade       up nearly 1% for the week, poised for their four
straight weekly gain.
    * The most active soybean futures       dropped nearly 1% so
far this week, set for the first weekly slide in a month.
    * The most active corn futures       down 1.5% for the week,
on track for the first weekly decline in a month.
    * Wheat supported by fears over production in Australia and
Russia amid sustained dry weather.
    * Markets also closely watching how crop in the U.S. Midwest
endured recent wet weather.
    * The U.S. Department of Agriculture reported export sales
of U.S. soybeans in the week ended May 30 at 583,700 tonnes (old
and new crop years combined), in line with trade expectations.
     * USDA said sales of U.S. corn fell far below trade
expectations. In the week ended May 30, U.S. exporters sold
14,800 tonnes, including net cancellations of 8,700 tonnes of
old-crop corn and net sales of 23,500 tonnes of new-crop corn.
          
    MARKET NEWS  
    * The dollar was under pressure on Friday and was poised for
its worst weekly performance for the year, as investors waited
on a key U.S. jobs report that is expected to back expectations
for a near-term Federal Reserve rate cut to support a slowing
economy.         
    * Oil prices rose around 1% on Friday to move further away
from five-month lows hit earlier in the week, buoyed by a report
that Washington could postpone trade tariffs on Mexico and signs
OPEC and other producers may extend crude supply cuts.        
    * Wall Street's main indexes closed higher after a choppy
session on Thursday as investors grew more optimistic on trade
after reports that the United States is considering a delay in
imposing tariffs on Mexican imports.       
    
    DATA/EVENTS (GMT)
0350    Japan     Keynote speech by Bank of Japan 
Governor Haruhiko Kuroda at the G20/GPFI Forum
0600    Germany   Industrial Output MM     April
0730    UK        Halifax House Prices MM  May  
1200    Brazil    IPCA Inflation Index MM  May
1230    US        Non-Farm Payrolls        May
1230    US        Unemployment Rate        May
1230    US        Average Earnings YY      May
    
    
    
    

 (Reporting by Colin Packham, Editing by Sherry Jacob-Phillips)
  
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