December 8, 2017 / 1:42 AM / 7 days ago

GRAINS-Wheat poised for worst week in four months

    SYDNEY, Dec 8 (Reuters) - U.S. wheat futures were unchanged
on Friday, but were on track for their biggest one-week fall in
four months on abundant global supplies.

     FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of
Trade were down nearly 4 percent for the week, the biggest
weekly slide since August 4.
    * The most active soybean futures were down nearly 0.5
percent for the week, their first weekly slide since October 27.
    * March corn was down 2 percent for the week, its
biggest weekly fall since October 20.
    * The U.S. Agriculture Department on Thursday said weekly
export sales of wheat totalled 323,000 tonnes. Analysts had been
expecting wheat export sales in a range from 250,000 to 450,000
tonnes.
    * Canadian farmers harvested larger crops than expected this
autumn, reaping record-large canola output and a surprisingly
big wheat crop, a Statistics Canada report showed on Wednesday.

    * Soybean export sales came in at 2.086 million tonnes,
topping forecasts that ranged from 1.000 million to 1.650
million tonnes.
         
    MARKET NEWS  
    * The dollar inched higher on Friday, on track for a weekly
gain against a basket of currencies, as the passage of a bill to
temporarily extend U.S. government funding raised investors'
optimism that a tax reform bill would also pass.  
    * Oil prices dipped on Friday as the U.S. dollar
strengthened, although OPEC-led supply cuts are seen supporting
markets going into next year.  
    * Wall Street rose on Thursday, buoyed by popular technology
companies including Facebook and Alphabet, while shares of yoga
pants seller Lululemon Athletica also worked up a sweat.  
    
    DATA AHEAD (GMT)
     China           Trade data                          Nov
0700  Germany        Trade data                          Oct
0745  France         Industrial output                   Oct
1330  U.S.           Nonfarm payrolls                    Nov
1330  U.S.           Unemployment rate                   Nov
1500  U.S.           Univ of Michigan sentiment index    Dec
1500  U.S.           Wholesale sales                     Oct
     
 Grains prices at  0127 GMT
 Contract      Last    Change  Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat  421.50      0.00   +0.00%       -0.88%  439.06     26
 CBOT corn   351.50      0.00   +0.00%       -0.35%  356.93     38
 CBOT soy    991.50     -0.50   -0.05%       -1.12%  989.84     47
 CBOT rice    12.15     $0.01   +0.12%       -0.33%  $11.96     44
 WTI crude    56.61    -$0.08   -0.14%       +1.16%  $56.50     46
 Currencies                                                       
 Euro/dlr    $1.177    $0.000   -0.03%       -0.24%               
 USD/AUD     0.7508     0.000   -0.04%       -0.73%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
    

 (Reporting by Colin Packham; Editing by Vyas Mohan)
  

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