May 11, 2018 / 1:37 AM / 10 days ago

GRAINS-Wheat edges lower, set to finish week down 4 pct

    SYDNEY, May 11 (Reuters) - U.S. wheat futures edged down on Friday as the grain was poised to record weekly losses of more than 4 percent after the U.S. Department of Agriculture estimated the
output of the U.S. crop to be above market expectations.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of Trade slipped more than 4 percent for the week, on track for their biggest weekly loss in nearly two months.
    ** Wheat dropped 0.5 percent on Friday. In the previous session, it hit $5.00-1/4 a bushel, its lowest since April 30.
    * The most active soybean futures slid 2 percent for the week, set to mark their biggest weekly fall since March 9.
    * The most active corn futures edged nearly 1.5 percent lower for the week, poised for their first fall in three weeks.
    * The USDA projected the total U.S. wheat crop for the 2018-19 marketing year at 1.821 billion bushels, above the average analyst estimate for 1.777 billion and up 5 percent from the prior year.

    * Winter wheat grown in the southern U.S. Plains has struggled with months of drought, but the USDA said combined production of spring and durum wheat would increase 34 percent from the previous
year.
    * The USDA expects global wheat stocks to total around 264.33 million tonnes by the end of 2018-19 marketing year, down about 2 percent from its 2017-18 forecast of 270.46 million, an all-time
high.
    * The USDA projected 2018-19 soybean ending stocks at 415 million bushels. The figure was below most trade expectations.
    * The USDA forecast global corn ending stocks would drop to 159.15 million tonnes by the end of 2018-19, from 194.85 million in 2017-18 and below a range of trade expectations.
         
    MARKET NEWS  
    * The dollar hovered below a 4-1/2-month high against a basket of major currencies on Friday after tepid inflation data, prompting traders to pare bets of faster U.S. rate hikes.  
    * Crude prices ended the session slightly higher on Thursday as investors weighed the potential disruption to oil flows from major exporter Iran in the face of U.S. sanctions.  
    * Wall Street jumped on Thursday, and Apple inched closer to a $1 trillion stock market value, as tepid inflation data eased worries of faster U.S. interest rate hikes this year.  
    
    DATA AHEAD (GMT)
1230  U.S.   Import prices                                   April
1230  U.S.   Export prices                                   April
1400  U.S.   University of Michigan sentiment index          May
        
 Grains prices at  0104 GMT
 Contract       Last  Change  Pct chg   Two-day chg    MA 30  RSI
 CBOT wheat   503.75   -2.75   -0.54%        -1.32%   496.57   51
 CBOT corn    400.50   -1.50   -0.37%        -0.56%   397.42   55
 CBOT soy    1016.00   -5.25   -0.51%        +0.02%  1043.42   42
 CBOT rice     12.53   $0.00   +0.00%        -1.14%   $12.99   26
 WTI crude     71.38   $0.02   +0.03%        +0.34%   $67.33   69
 Currencies                                                      
 Euro/dlr     $1.192  $0.001   +0.09%        +0.62%              
 USD/AUD      0.7537   0.001   +0.07%        +1.01%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham, Editing by Sherry Jacob-Phillips)
  
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