April 13, 2018 / 1:45 AM / 5 months ago

GRAINS-Wheat falls nearly 1 pct, still set to end week higher

    SYDNEY, April 13 (Reuters) - U.S. wheat futures fell nearly
1 percent on Friday, extending three-day losses to more than 3
percent, as ample global supplies weighed, though the grain was
poised to finish in positive territory for the second straight
week as the U.S. wheat crop suffers from adverse weather.
         
    FUNDAMENTALS  
    * The most active wheat futures on the Chicago Board Of
Trade up more than 1 percent for the week, the second
consecutive weekly gain.
    * The most active soybean futures up 3 percent for the
week, the biggest weekly gain in two months.
    * The most active corn futures up marginally for the
week, the third straight weekly gain.
    * Wheat under pressure as traders focus on plentiful global
stockpiles and sluggish demand for U.S. supplies. 
    * 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 U.S. Department of Agriculture reported export sales
of U.S. wheat in the latest week at 188,700 tonnes (old and new
crop years combined), below trade expectations.

    * Argentina purchased an additional 120,000 tonnes of
soybeans from the United States on Wednesday after buying the
same volume on Tuesday, unusual moves that have prompted prices
of the oilseed on local markets to fall.
    * The USDA reported export sales of U.S. soybeans in the
week to April 5 at 2,464,500 tonnes (old and new crop years
combined), topping a range of trade expectations. Sales of
old-crop soybeans topped 1.5 million tonnes, the most in five
weeks.
         
    MARKET NEWS  
    * The dollar firmed against its peers on Friday, supported
as an improvement in investor risk appetite lifted equities and
pushed U.S. yields significantly higher.  
    * Oil prices held steady on Thursday, remaining close to
highs last reached in late 2014 on tensions over Syria and
shrinking global oil inventories.  
    * U.S. stocks climbed on Thursday as investors anticipated a
strong earnings season and as U.S. President Donald Trump's
suggestion that a military strike on Syria may not be imminent
ratcheted down geopolitical worries.  
    
    DATA AHEAD (GMT)
*     China        Trade data                                Mar
0900  Euro zone    Eurostat trade                            Feb
1400  U.S.         University of Michigan sentiment index    Apr
      
*No fixed timing
        
 Grains prices at  0113 GMT
 Contract       Last  Change   Pct chg  Two-day chg    MA 30  RSI
 CBOT wheat   477.50   -3.50    -0.73%       -2.00%   473.75   53
 CBOT corn    389.00    0.25    +0.06%       +0.52%   384.64   59
 CBOT soy    1064.50    3.75    +0.35%       +1.60%  1042.47   68
 CBOT rice     13.05   $0.17    +1.28%       +1.91%   $12.47   84
 WTI crude     66.85  -$0.22    -0.33%       +0.04%   $63.41   67
 Currencies                                                      
 Euro/dlr     $1.233  $0.000    +0.00%       -0.32%              
 USD/AUD      0.7768   0.001    +0.18%       +0.18%              
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham; Editing by Amrutha Gayathri)
  
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