GRAINS-Wheat falls for 7th session, faces weekly loss of 3 pct

SYDNEY, Dec 20 (Reuters) - U.S. wheat futures fell for the
seventh consecutive session on Friday, pushing weekly losses to
more than 3 percent and extending three-week losses to nearly 10
percent, as bumper global wheat stocks weigh on prices.
         
    FUNDAMENTALS  
    * Chicago Board Of Trade March wheat slipped 0.3
percent by 0130 GMT. 
    * January soybeans down 0.3 percent for the week,
having posted modest gains in the previous week.
    * March corn up 0.8 percent for the week, having slid
more than 2 percent for the week.
    * The Argentine Agriculture Ministry raised its outlook for
the 2013/14 wheat crop by 500,000 tonnes to 9 million tonnes.
	
* The U.S. Agriculture Department said on Thursday morning that export sales of corn for the 2013/14 marketing year were 827,100 tonnes in the latest reporting week, topping forecasts for 550,000 to 750,000 tonnes. * Wheat export sales of 656,100 tonnes also topped the range of expectations. MARKET NEWS * The yen faced pressure in early Asian trade on Friday, ahead of the outcome of a Bank of Japan meeting at which policymakers were expected to maintain their commitment to ultra-easy monetary policy. * U.S. crude oil futures rose 1 percent on Thursday spurred by U.S. refinery oil demand to meet robust distillate exports and as traders bought contracts to cover short positions. * U.S. stocks finished mostly flat on Thursday as investors paused after a rally in the previous session, though the Dow closed at its second record high in a row. DATA (GMT) 0700 Germany GfK consumer sentiment 0700 Germany Producer prices 0745 France Business climate 1330 U.S. Final Q3 GDP 1500 Euro zone Consumer confidence Grains prices at 0130 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 609.00 -1.75 -0.29% -0.61% 646.57 18 CBOT corn 429.25 -1.25 -0.29% +1.00% 430.92 56 CBOT soy 1323.25 -3.75 -0.28% -0.06% 1318.13 47 CBOT rice $15.34 -$0.02 -0.16% +0.46% $15.66 35 WTI crude $98.85 -$0.19 -0.19% +1.07% $95.55 68 Currencies Euro/dlr $1.364 -$0.002 -0.15% -0.30% USD/AUD 0.888 0.001 +0.16% +0.23%
Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Colin Packham; Editing by Ed Davies)

About the author

Comments

explore

Stories from our other publications