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GRAINS-Wheat edges higher, but set for biggest weekly fall in 2 months
October 20, 2017 / 2:12 AM / a month ago

GRAINS-Wheat edges higher, but set for biggest weekly fall in 2 months

    SYDNEY, Oct 20 (Reuters) - U.S. wheat edged higher on Friday, drawing support from strong
demand for North American supplies, although the grain was poised to record its biggest weekly
loss in two months as ample global supplies weigh.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board of Trade was down 1.2 percent for
the week, the biggest weekly slide since August 25. 
    * The most active soybean futures fell nearly 1.5 percent for the week, the first
weekly loss in three weeks.
    * The most active corn futures lost more than 1 percent for the week after posting
gains of 0.8 percent in the previous week.
    * The U.S. Department of Agriculture said U.S. wheat export sales touched more than 615,000
tonnes, the biggest weekly tally in two months. 
    * USDA said private exporters sold 384,000 tonnes of U.S. soybeans to China, the world's
biggest soy buyer.
    * Weekly U.S. soybean export sales, at 1.275 million tonnes, fell below trade estimates. But
weekly soymeal and soyoil sales exceeded expectations.
         
    MARKET NEWS  
    * The New Zealand dollar hit a five-month low on Friday, dogged by worries over policy
uncertainty under a new government, while the U.S. dollar held firm vs the yen and euro as
traders awaited President Donald Trump's decision on the next Federal Reserve chair.  
    * Oil edged lower in volatile trading on Friday, posting a second consecutive weekly loss as
caution about Europe's debt crisis and year-end positioning continued to spark selling into
rallies.  
    * The Dow and S&P 500 eked out record closing highs on Thursday, turning
higher at the last minute after a Politico report that Federal Reserve Governor Jerome Powell is
the leading candidate for the nominee for Fed chair.  
    
     DATA/EVENT AHEAD (GMT)
0600  Germany               Producer prices                Sep
0800  Euro zone             Current account                Aug
1400  U.S.                  Existing home sales            Sep
2330  Federal Reserve Chair Janet Yellen speaks on "Monetary Policy Since the Financial Crisis"
at Washington event
        
 Grains prices at  0149 GMT
 Contract       Last   Change   Pct chg  Two-day chg    MA 30  RSI
 CBOT wheat   434.00     1.25    +0.29%       +0.93%   442.81   48
 CBOT corn    348.25    -0.75    -0.21%       -0.07%   351.08   46
 CBOT soy     986.50     0.00    +0.00%       +0.23%   971.22   62
 CBOT rice     11.95    $0.02    +0.17%       +0.04%   $12.26   39
 WTI crude     51.34    $0.05    +0.10%       -1.35%   $50.64   56
 Currencies                                                       
 Euro/dlr     $1.183  -$0.002    -0.19%       +0.35%              
 USD/AUD      0.7850   -0.003    -0.37%       +0.08%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Biju Dwarakanath)
  

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