GRAINS-Soybeans set for biggest weekly gain in five weeks

SYDNEY, May 23 (Reuters) – U.S. soybeans futures were little changed on Friday, but the oilseed was poised to rise more than 3.5 percent for the week, the biggest rally in five weeks, supported by concerns over tight domestic supplies.

FUNDAMENTALS

* Chicago Board Of Trade July soybeans up 3.6 percent for the week. July beans hit a contract high of $15.36-3/4 a bushel on Thursday.

* July corn down 1.6 percent for the week, the second straight weekly loss.

* July wheat down 2.2 percent for the week, extending two-week losses to nearly 9 percent.

* The U.S. Department of Agriculture said exporters sold a net 615,600 tonnes of U.S. soybeans last week, including 164,400 tonnes of old-crop supplies, and 350,300 tonnes of soymeal, the most in nine weeks.

* USDA confirmed on Thursday the private sale of 120,000 tonnes of new-crop U.S. soybeans to China, the world’s top soybean importer.

MARKET NEWS

* The dollar hovered at one-week highs against the yen and held its ground on the euro early on Friday, having drifted up broadly after promising U.S. housing and factory activity data gave Treasury yields a bit of a lift.

* Global oil prices slid lower on Thursday after Brent touched a 2-1/2 month high and traders took profit on a rally that was driven by ongoing violence in Libya and positive economic data in China and the United States.

* U.S. stocks ended higher for the second straight session on Thursday, led by small-cap stocks, while the Nasdaq climbed on a rally in biotech shares.

DATA AHEAD (GMT)

0600 Germany Detailed Q1 GDP

0800 Germany Ifo business climate

May

1400 U.S.

New home sales

April

Grains prices at 0046 GMT Contract

Last

Change Pct chg Two-day chg MA 30 RSI CBOT wheat

660.75

1.50 +0.23%

-0.53%

697.61 22 CBOT corn

476.25

-0.50 -0.10%

+0.37%

500.57 30 CBOT soy

1518.00

-0.75 -0.05%

+0.85%

1481.93 63 CBOT rice

$15.35

$0.03 +0.16%

+0.49%

$15.41 50 WTI crude

$103.71 -$0.03 -0.03%

-0.35%

$101.86 67 Currencies

Euro/dlr

$1.365 -$0.001 -0.06%

-0.29% USD/AUD

0.922

0.000 -0.03%

-0.32% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Colin Packham; Editing by Richard Pullin)

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