×

GRAINS-Wheat falls 1 pct as ample global supplies weigh

SYDNEY, April 12 (Reuters) - U.S. wheat futures fell on Thursday to extend two-day losses to 2 percent as ample global supplies pushed prices to a three-day low.

FUNDAMENTALS

* The most active wheat futures on the Chicago Board Of Trade eased 1.1 percent to $4.81-3/4 a bushel by 0142 GMT, near the session low of $4.81-1/4 a bushel - the lowest since April 9. Wheat closed down 1 percent in the previous session.

* The most active soybean futures were up 0.2 percent to $10.49-3/4 a bushel, after closing up 0.3 percent on Wednesday.

* The most active corn futures were unchanged at $3.87 a bushel, having closed down 0.6 percent in the previous session

* Wheat is under pressure after U.S. Department of Agriculture (USDA) supply/demand report in which the government raised its forecast of world 2017-18 wheat ending stocks to a record-high 271.2 million tonnes.

* Additional pressure stems from a sharp decline in Russia's currency that could diminish wheat export prospects in the United States and European Union.

MARKET NEWS

* The U.S. dollar slipped against the Japanese yen on Wednesday as uncertainty over possible Western military action against Syria fed risk aversion even as fears of a trade war between the United States and China faded.

* Oil markets remained tense on Thursday on concerns of a military escalation in Syria, but prices were some way off Wednesday's 2014 highs as bulging American supplies weighed.

* Wall Street stocks fell on Wednesday as possible U.S. military action against Syria stoked investor concerns about geopolitical risk to the American economy and minutes from the Federal Open Market Committee sparked worries about a more hawkish view on interest-rate increases.

DATA AHEAD (GMT)

0900 Euro zone Industrial production Feb 1230 U.S. Export prices Mar 1230 U.S. Import prices Mar 1230 U.S. Weekly jobless claims

Grains prices at 0142 GMT

Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 481.75 -5.50 -1.13% -2.08% 475.04 60 CBOT corn 387.00 0.00 +0.00% -0.58% 384.49 56 CBOT soy 1049.75 2.00 +0.19% -0.02% 1042.22 60 CBOT rice 12.81 $0.00 +0.00% -0.12% $12.44 76 WTI crude 66.83 $0.01 +0.01% +2.01% $63.21 69

Currencies

Euro/dlr $1.237 $0.000 +0.03% +0.12% USD/AUD 0.7762 0.001 +0.10% +0.04%

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

(Reporting by Colin Packham; Editing by Sunil Nair)