October 25, 2018 / 12:47 AM / 3 months ago

GRAINS-Wheat prices extend losses, linger near six-week low

    SYDNEY, Oct 25 (Reuters) - U.S. wheat futures edged down on
Thursday to linger near a six-week low, with traders worried
about international demand for North American supplies amid
bumper production in Russia.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of
Trade were down 0.4 percent at $4.97-1/2 a bushel by 0021
GMT. They closed down 1.9 percent on Wednesday, when prices hit
their lowest since Sept. 14 at $4.97 a bushel.
    * The most active soybean futures were little changed
at $8.49-3/4 a bushel, having closed down 0.8 percent on
Wednesday.
    * The most active corn futures were down 0.3 percent
at $3.67-3/4 a bushel, after ending the previous session down
0.5 percent.
    * Russia's agriculture ministry on Tuesday raised its
forecast for the country's 2018 grain crop to 109 million tonnes
from the 106 million tonnes expected previously due to
favourable weather for harvesting in Siberia.
    * Private consultancy IKAR raised its 2018/19 export
forecast for Russian wheat.
         
    MARKET NEWS  
    * The U.S. dollar rose on Wednesday as stocks fell and after
European data signalled that economic growth could be flagging
across the euro zone, denting the euro.  
    * Oil prices rose modestly on Wednesday, rebounding after
several days of weakness as a much bigger-than-expected drawdown
in U.S. gasoline and diesel inventories augured a seasonal
increase in refining demand.  
    * U.S. stocks plunged again on Wednesday, confirming a
correction for the Nasdaq and erasing the Dow and the S&P 500's
gains for the year, as disappointing forecasts from chipmakers
and weak home sales data fuelled jitters about economic and
profit growth.  
    
    DATA/EVENT AHEAD (GMT)
0600  Germany          GfK consumer sentiment             Nov
0800  Germany          Ifo business climate               Oct
1145  European Central Bank announces interest rate decision
1230  ECB President Mario Draghi holds news briefing
1230  U.S.                 Durable goods                  Sep
1230  U.S.                 Goods trade balance            Sep
1230  U.S.                 Wholesale inventories          Sep
1230  U.S.                 Weekly jobless claims
1400  U.S.                 Pending homes sales            Sep
        
 Grains prices at  0021 GMT
 Contract         Last   Change    Pct chg   Two-day chg    MA 30
 CBOT wheat     497.50    -2.00     -0.40%        -2.26%   514.64
 CBOT corn      367.25    -1.00     -0.27%        -0.81%   363.93
 CBOT soy       849.75    -0.50     -0.06%        -0.90%   855.18
 CBOT rice       11.02   -$0.04     -0.36%        -0.09%   $10.67
 WTI crude       66.29   -$0.53     -0.79%        -0.21%   $71.40
 Currencies                                                      
 Euro/dlr       $1.141   $0.001     +0.12%        -0.56%         
 USD/AUD        0.7065    0.001     +0.10%        -0.27%         
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham
Editing by Joseph Radford)
  
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