×

GRAINS-Soybeans fall, set to finish the week down 2 percent

SYDNEY, Jan 12 (Reuters) - U.S. soybean futures edged lower on Friday, under pressure from expectations that the U.S. Department of Agriculture will later report bigger U.S. stockpiles, pushing the oilseed to its biggest weekly fall in a month.

FUNDAMENTALS

* The most active soybeans futures on the Chicago Board Of Trade down more than 2 percent for the week, the biggest weekly drop in a month.

* The most active corn futures down more than 0.5 percent for the week, the biggest weekly fall in a month.

* The most active wheat futures up more than 0.5 percent for the week, the fourth straight weekly gain.

* Analysts expect the USDA crop data to show smaller U.S. winter wheat plantings and a decline in U.S. corn ending stocks.

* Agroconsult on Thursday said Brazil should harvest 114.1 million tonnes of soybeans in the 2017/18 crop season, which would match an all-time record set in 2016/17. The consultancy in November forecast a 111-million-tonne harvest.

* Weekly U.S. soybean export sales of 607,400 tonnes and corn sales of 437,800 tonnes were both within analyst estimates.

* U.S. wheat exports dropped to 71,500 tonnes, a marketing-season low and below estimates for 250,000 to 450,000 tonnes.

MARKET NEWS

* The dollar slumped against rivals on Friday on the back of weak factory inflation data, while the euro enjoyed solid support after the European Central Bank hinted that it could be gearing up to trim its massive monetary stimulus.

* Oil prices eased on Friday after hitting their highest levels since December 2014 the previous day.

* Wall Street closed at record highs on Thursday as rising oil prices lifted energy stocks and investors bet on a strong U.S. corporate earnings season.

DATA/EVENTS (GMT)

China Exports, Imports, Trade Balance Dec 1330 U.S. Core CPI Dec 1330 U.S. Retail Sales Dec

Grains prices at 0201 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 433.75 0.50 +0.12% -0.12% 426.62 58 CBOT corn 348.75 0.00 +0.00% -0.07% 350.93 40 CBOT soy 948.75 -1.25 -0.13% -0.65% 977.71 27 CBOT rice 11.74 $0.01 +0.09% -1.39% $12.10 34 WTI crude 63.60 -$0.20 -0.31% +0.05% $59.25 78

Currencies

Euro/dlr $1.204 $0.001 +0.09% +0.81% USD/AUD 0.7885 0.000 -0.06% +0.55%

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

(Reporting by Colin Packham; Editing by Amrutha Gayathri)