April 13, 2018 / 5:49 AM / a year ago

GRAINS-Wheat falls 1 pct, set to finish week higher on U.S. crop fears

    * Wheat set to finish the week up nearly 1 pct 
    * Soybeans poised to close week up 3 pct
    * Corn little changed, but set for third weekly gain

    By Colin Packham
    SYDNEY, April 13 (Reuters) - U.S. wheat futures fell nearly
1 percent on Friday as ample global supplies weighed on prices,
although the grain remains underpinned by fears of crop losses
across the United States and was poised to finish the week in
positive territory. 
    Soybeans edged higher as well, with the oilseed poised to
finish the week up nearly 3 percent. Corn was set to finish the
week only slightly higher. 
    The most active wheat futures on the Chicago Board Of Trade
 fell 0.9 percent to $4.76-3/4 a bushel by 0453 GMT, having
closed down 1.3 percent on Thursday.
    Wheat is up nearly 1 percent for the week, the second
straight weekly gain. 
    Analysts said wheat continues to come under pressure as
ample global supplies depress demand for U.S. supplies.
    "U.S. export sales continue to be dismal given it has not
been competitive outside its own backyard for quite some time,"
said Tobin Gorey, director of agricultural strategy at the
Commonwealth Bank of Australia. 
    The U.S. Department of Agriculture reported export sales for
old and new crop U.S. wheat in the latest week at 188,700
tonnes, below trade expectations.
    The USDA on Tuesday raised its forecast of world wheat
stocks at the end of the 2017/18 marketing year to 271.2 million
tonnes, an all-time high. 
    The most active soybean futures rose 0.3 percent to
$10.64-1/4 a bushel, having firmed 1.2 percent on Thursday.
    Soybeans are up nearly 3 percent for the week, the biggest
weekly gain in two months. 
    The most active corn futures were little changed at
$3.88-1/2 a bushel after closing up 0.4 percent on Thursday. 
    Corn is up marginally for the week, the third straight
weekly gain. 
    The USDA reported export sales of old and new crop U.S.
soybeans in the week to April 5 at 2,464,500 tonnes, topping a
range of trade expectations. Sales of old-crop soybeans topped
1.5 million tonnes, the most in five weeks.
 Grains prices at  0453 GMT
 Contract       Last  Change  Pct chg  Two-day chg    MA 30  RSI
 CBOT wheat   476.75   -4.25   -0.88%       -2.15%   473.73   52
 CBOT corn    388.50   -0.25   -0.06%       +0.39%   384.63   57
 CBOT soy    1064.25    3.50   +0.33%       +1.57%  1042.46   68
 CBOT rice     12.99   $0.11   +0.81%       +1.44%   $12.46   83
 WTI crude     67.05  -$0.02   -0.03%       +0.34%   $63.42   69
 Euro/dlr     $1.233  $0.000   +0.03%       -0.29%              
 USD/AUD      0.7770   0.002   +0.21%       +0.21%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 RSI 14, exponential
 (Reporting by Colin Packham; Editing by Tom Hogue)
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