December 29, 2017 / 3:28 AM / 24 days ago

GRAINS-Wheat falls for 2nd day, set for 1st annual gain in five years

    * Wheat loses ground as ample global supplies weigh
    * For 2017, wheat poised for a gain of 4.5 pct

 (Adds details, quotes)
    By Naveen Thukral
    SINGAPORE, Dec 29 (Reuters) - Chicago wheat furfures slid
for a second straight session on Friday with prices weighed down
by abundant world supplies, although the grain is set to finish
2017 with a gain of 4.5 percent after dropping for the last four
years.
    Soybeans slid for a third consecutive session as improved
weather across Argentina added pressure, and the market has lost
almost 5 percent this year following bumper production Brazil,
Argentina and the United States.
    The Chicago Board Of Trade most-active wheat contract
is set to finish the year up about 4.5 percent, having lost
almost 50 percent of its value in the past four years.
    It was trading down 0.2 percent at $4.27 a bushel as of 0301
GMT on Friday. 
    Soybeans are down nearly 5 percent in 2017 after
posting gains of more than 16 percent in the previous year,
while corn is little changed for the year, having lost
ground for past four years.
    Concerns about supplies of high quality wheat and reduced
planting in the United States have provided a floor to the wheat
market in 2017.
    "The supply of high-protein wheat is really a concern this
year," said one Singapore-based trader. "Apart from the United
States, there is not much high-protein wheat available."
    Australia, a key wheat supplier to Asia, is expected to
produce its lowest crop in 10 years after dry weather during the
growing period and rains ahead of the harvest.
    Soybeans are being weighed down by concerns about ample
global supplies and improving weather conditions in South
America for harvest early next year.
    Half of U.S. soybeans exported to China this year would not
meet Chinese rules for routine delivery in 2018, according to
shipping data reviewed by Reuters, signalling new hurdles in the
$14-billion-a-year business.
    Grains inspectors and crushers called a 48-hour strike at
Argentina's main port on Thursday, citing safety concerns after
a worker was killed in an explosion, said Guillermo Wade,
manager of the Chamber of Port and Maritime Activities.

    Commodity funds were net sellers of CBOT soybean, corn and
wheat futures contracts on Thursday, traders said.

 Grains prices at  0301 GMT
 Contract    Last    Change  Pct chg  Two-day chg  MA 30   RSI
 CBOT wheat  427.00  -0.75   -0.18%   -0.23%       428.11  67
 CBOT corn   350.50  -1.50   -0.43%   -0.92%       352.45  58
 CBOT soy    956.25  -0.50   -0.05%   -1.16%       989.70  27
 CBOT rice   11.60   -$0.05  -0.47%   -1.61%       $12.09  30
 WTI crude   60.17   $0.33   +0.55%   +0.89%       $57.70  75
 Currencies                                                
 Euro/dlr    $1.195  $0.000  +0.03%   +0.50%               
 USD/AUD     0.7794  0.000   -0.03%   +0.35%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
    

 (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)
  
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