GRAINS-Wheat falls, extends 7-day losses to 6.7 pct

SYDNEY, May 15 (Reuters) – U.S. wheat futures fell for a seventh consecutive session on Thursday as the grain continued to come under sustained pressure from forecasts for ample global stocks.

FUNDAMENTALS

* Chicago Board Of Trade July wheat fell 0.1 percent to $6.89-1/4 a bushel, having closed down 2.7 percent on Wednesday, its biggest one-day fall in more than three weeks.

* Wheat has fallen 6.7 percent over the past seven sessions as it retreats from a recent 10-month high.

* July soybeans were unchanged at $14.86-3/4 a bushel, having firmed 1.3 percent on Wednesday.

* July corn was little changed at $4.95-1/4 a bushel, having slid 1.4 percent in the previous session.

* Wheat remains under pressure from the U.S. Department of Agriculture’s most recent forecast for ample global supplies.

* Soybeans under pressure as U.S. processors likely crushed more than 132 million bushels last month, the highest April rate in five years as robust domestic demand tempered the typical seasonal slowdown, a Reuters poll found.

MARKET NEWS

* The British pound fell from a 16-month high versus the euro and dropped to a one-month low against the dollar on Wednesday after the Bank of England surprised investors by saying it has no plans for near-term monetary tightening.

* Global oil prices rose on Wednesday as a draw on U.S. crude stocks at the Cushing, Oklahoma, contract delivery point and gasoline stocks pushed Brent and U.S. crude to three week highs.

* U.S. stocks fell on Wednesday, with the Dow and S&P 500 retreating from recent record highs, as small caps resumed their sell-off and consumer discretionary shares lagged.

DATA AHEAD (GMT)

0600 Germany

Preliminary Q1 GDP

0900 Euro zone

Preliminary Q1 GDP

0900 Euro zone

Final inflation

April

1230 U.S.

Weekly jobless claims

1230 U.S.

Consumer prices

April

1230 U.S.

New York Fed manufacturing

May

1315 U.S.

Industrial output

April

1400 U.S.

NAHB housing market index

May

1400 U.S.

Philly Fed business index

May

Grains prices at 0013 GMT Contract

Last

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

689.25

-1.00 -0.14%

-2.82%

700.45 31 CBOT corn

495.25

-0.25 -0.05%

-1.49%

506.98 38 CBOT soy

1486.75

0.00 +0.00%

+0.20%

1477.23 55 CBOT rice

$15.29

$0.00 +0.03%

-0.26%

$15.48 25 WTI crude

$102.01 -$0.36 -0.35%

+0.30%

$101.64 64 Currencies

Euro/dlr

$1.372 $0.001 +0.04%

+0.12% USD/AUD

0.937 -0.001 -0.09%

+0.09% 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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