February 9, 2018 / 2:32 AM / a year ago

GRAINS-Wheat edges lower, but set to end week up nearly 2 pct

    SYDNEY, Feb 9 (Reuters) - U.S. wheat futures edged lower on Friday, but were on course to mark weekly gains of nearly 2 percent as concerns about potential output losses from adverse weather conditions across key North
American-growing regions supported prices.
    * The most active wheat futures on the Chicago Board Of Trade climbed nearly 2 percent for the week, poised for their fourth consecutive weekly gain.
    * The most active soybean futures gained more than 0.5 percent for the week, recouping losses from the previous week.
    * The most active corn futures rose nearly 1 percent for the week, on track for their fourth straight weekly rally. 
    * The USDA, citing dryness, lowered its corn production forecast for Argentina to 39 million tonnes from 42 million tonnes last month.
    * Worries about dryness in the U.S. Plains breadbasket province underpinned the market. Ample global wheat supplies, however, capped the rally, and on concerns that the run-up in futures might curb U.S. export sales.
    * The Buenos Aires Grains Exchange shed its estimate to 50 million tonnes from previous forecast of 51 million tonnes, and Dan Basse, president of AgResource Co, said some private analysts expect the harvest to fall below 50 million
    * The yen neared a four-month high against the dollar on Friday as global stock markets plunged again, triggering a rush into traditional safe-haven currencies.  
    * U.S. oil prices fell for a sixth day on Friday after Iran announced plans to boost production and U.S. crude output hit record highs, adding to concerns about a sharp rise in global supplies.  
    * U.S. stocks plunged around 4 percent on Thursday in another dramatic session, confirming a correction that has thrown the market's nearly nine-year bull run off course.  
0130  China              Consumer prices             Jan
0130  China              Producer prices             Jan
0745  France             Industrial output           Dec
1500  U.S.               Wholesale sales             Dec
 Grains prices at 0159 GMT
 Contract       Last  Change  Pct chg  Two-day chg   MA 30   RSI 
 CBOT wheat   454.75   -1.50   -0.33%       -1.25%  436.43     60
 CBOT corn    365.00   -0.75   -0.21%       -0.07%  355.05     70
 CBOT soy     986.75   -1.00   -0.10%       +0.38%  975.96     53
 CBOT rice     12.41  -$0.04   -0.32%       -0.76%  $12.14     56
 WTI crude     60.57  -$0.58   -0.95%       -1.97%  $63.31     24
 Euro/dlr     $1.225  $0.000   +0.03%       -0.11%               
 USD/AUD      0.7769  -0.001   -0.13%       -0.66%               
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 (Reporting by Colin Packham; Editing by Sherry Jacob-Phillips)
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