×

GRAINS-Soybeans face biggest weekly loss in a year, wheat down for 4th week

* Soybeans fall over 5 pct this week, most since July 2016

* Wheat down almost 5 pct this week, poor U.S. exports weigh

(Adds details, quotes) SINGAPORE, Aug 4 (Reuters) - Chicago soybean futures inched lower on Friday with the market poised for its biggest weekly fall in a year, weighed down by crop-friendly weather across key U.S. producing states. The wheat market is on track for a fourth straight week of decline as ample global supplies and disappointing U.S. weekly exports weighed on the market. Corn is set for a second week of decline. The Chicago Board of Trade most-active soybean contract has dropped 5.2 percent so far this week, the largest decline since July 2016. On Thursday, it hit the lowest since June 30 at $9.55-1/2 a bushel. Wheat is down almost 5 percent this week, the biggest seven-day fall since late August last year, and corn has shed more than 2 percent. "Weather forecasters' predictions are largely being realized with more rain and cooler temperatures," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia in Sydney. "The forecasters also expect more of the same at different times for the next week or so. August, the danger period for soybean crops, is looking benign for now." Soybean prices have been pressured by forecasts of showers in Iowa and Minnesota, the No.2 and No.3 soy-producing states in the United States. Soybeans this month are setting pods, the key stage for determining yields. Wheat prices are being pressured by low U.S. exports. The U.S. Department of Agriculture reported export sales of U.S. wheat in the latest week at 145,500 tonnes, a marketing year low that fell below a range of trade expectations for 300,000 to 500,000 tonnes. Private analytics firm Informa Economics on Thursday pegged the U.S. corn yield at 165.9 bushels per acre (bpa), trade sources said, below the USDA's trend-based forecast of 170.7 bpa. The full impact of a hot and dry summer in the U.S. Midwest is unlikely to show up in the government's next estimate of the U.S. corn crop as it typically makes just small adjustments to its harvest outlook during August. The USDA will update its yield projection in its monthly supply and demand report on Aug. 10. The forecast will be closely watched as it will be the first harvest outlook for the 2017/18 marketing year that includes data from field surveys.

Commodity funds were net sellers of Chicago Board of Trade soybean, corn and wheat futures contracts on Thursday, traders said.

Grains prices at 0236 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 457.75 0.00 +0.00% -0.76% 500.21 30 CBOT corn 379.50 1.75 +0.46% +0.80% 390.85 41 CBOT soy 960.25 -0.25 -0.03% -1.18% 985.43 34 CBOT rice 12.34 -$0.05 -0.40% -0.28% $11.97 58 WTI crude 48.89 -$0.14 -0.29% -1.41% $46.55 59

Currencies

Euro/dlr $1.188 $0.002 +0.18% +0.63% USD/AUD 0.7956 -0.001 -0.08% -0.14%

Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential

(Reporting by Naveen Thukral; Editing by Subhranshu Sahu)