December 21, 2018 / 2:55 AM / 6 months ago

GRAINS-Soybean prices drop to 3-wk low, set to finish the week down nearly 1 pct

    SYDNEY, Dec 21 (Reuters) - U.S. soybean prices fell to a
three-week low on Friday as underwhelming Chinese demand weighed
on prices, with the oilseed set for weekly losses of nearly 1
percent. 
         
    FUNDAMENTALS  
    * The most active soybean futures on the Chicago Board of
Trade touched their lowest since Nov. 30 at $8.91-1/2 a
bushel.
    * Soybeans are down more than 0.5 percent for the week,
their second straight weekly gain.
    * The most active corn futures are down more than 2
percent for the week, their biggest weekly loss since the week
ending Sept. 14.
    * The most active wheat futures are down more than 1
percent for the week, the biggest weekly loss in six weeks. 
    * China's COFCO group            said it had recently bought
two batches of soybeans from the United States, amid a truce in
a trade war between the two nations.
    * Chinese importers are planning to make a third round of
U.S. soybean purchases within days, two sources said.

    * But sales so far totalling more than 3 million tonnes have
fallen short of the pace suggested by forecasts for record-sized
U.S. and global supplies of soybeans this season.
    * Brazilian farmers have started harvesting some soybean
fields and crop prospects have improved with beneficial rains
following early-week concerns about adverse weather. 
         
    MARKET NEWS  
    * The dollar hovered near a one-month low against its peers
on Friday, weighed down by a subdued outlook towards U.S.
interest rates and the economy, while risk aversion in the
broader markets boosted the yen.  
    * Oil prices climbed on Friday after tumbling 5 percent in
the last session, with OPEC production cuts that start next
month seen being deeper then previously expected.  
    * U.S. stocks slid on Thursday, with the Nasdaq on the cusp
of confirming bear market territory, as the Federal Reserve's
plan to continue its balance sheet reduction and the threat of a
partial government shutdown fuelled investor anxieties.  
        
 Grains prices at  0214 GMT
 Contract        Last   Change   Pct chg   Two-day chg      MA 30
 CBOT wheat    523.00    -0.50    -0.10%        +0.10%     518.66
 CBOT corn     376.50     1.25    +0.33%        -1.38%     378.83
 CBOT soy      894.25     0.75    +0.08%        -0.64%     895.05
 CBOT rice      10.51   -$0.02    -0.19%        +0.05%     $10.73
 WTI crude      46.44    $0.56    +1.22%        -1.61%     $52.42
 Currencies                                                      
 Euro/dlr      $1.145   $0.001    +0.05%        +0.66%           
 USD/AUD       0.7114    0.001    +0.07%        +0.10%           
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 
 (Reporting by Colin Packham
Editing by Joseph Radford)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below