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Wheat prices edge up, but set to finish week down more than 2 pct

U.S. wheat futures were set to finish the week down more than 2 percent despite inching up on Friday, pressured by tepid interest in North American supplies from some major importers. Grain markets were also keeping a close eye on talks to end trade conflict between the United States and Washington.

FUNDAMENTALS
* The most active wheat futures on the Chicago Board of Trade were down more than 2 percent for the week, set to extend three-week losses to 6 percent.
* The most active soybean futures were up nearly 0.5 percent for the week.
* The most active corn futures were up nearly 0.5 percent for the week, likely to be their first weekly gain in a month.
* Top U.S. and Chinese trade negotiators haggled on Thursday over the details of a set of agreements aimed at ending their trade war, just one week before a Washington-imposed deadline for a deal expires and triggers higher U.S. tariffs.
* U.S. farmers will plant 92 million acres of corn this spring, up from 89.1 million last year, while reducing the soybean area to 85 million acres from 89.2 million in 2018, the U.S. Department of Agriculture projected on Thursday.
* The USDA estimated 47 million acres of wheat would be planted, down from 47.8 million acres in 2018.
* Egypt’s state grains buyer, the General Authority for Supply Commodities (GASC), on Wednesday said it had bought 180,000 tonnes of French wheat, 60,000 tonnes of Romanian wheat, 60,000 tonnes of Russian wheat and 60,000 tonnes of Ukrainian wheat.

MARKET NEWS
* The dollar held gains against its peers early on Friday, bolstered by a rise in U.S. yields, while the Aussie clawed back some of its recent plunge on upbeat central bank comments and easing concerns about China’s ban on Australian coal imports.
* Oil prices fell on Friday after the United States reported its crude output hit a record 12 million barrels per day (bpd), undermining efforts by Middle East dominated producer club OPEC to withhold supply and tighten global markets.
* Weak economic reports pressured U.S. stocks on Thursday after the market’s recent run of gains, and a drop in healthcare shares added to the bearish momentum.

DATA AHEAD (GMT)
0700 Germany GDP Detailed Q4
*0900 Germany Ifo Business Climate New Feb
*0900 Germany Ifo Curr Conditions New Feb
*0900 Germany Ifo Expectations new Feb
1000 Euro Zone HICP Final Jan
1100 U.K. CBI Distributive Trades Feb
U.S. Federal Reserve Vice Chairman Richard Clarida speaks before the 2019 Monetary Policy Forum in New York

* Approximate time
        
 Grains prices at  0156 GMT
 Contract      Last  Change  Pct chg  Two-day chg    MA 30   RSI 
 CBOT wheat  487.75    1.25   +0.26%       +1.46%   513.69     27
 CBOT corn   375.75    0.25   +0.07%       +1.35%   376.99     49
 CBOT soy    910.50   -0.50   -0.05%       +0.89%   911.92     51
 CBOT rice    10.40   $0.01   +0.05%       +2.26%   $10.61     47
 WTI crude    56.84  -$0.12   -0.21%       -0.14%   $53.65     73
 Currencies                                                      
 Euro/dlr    $1.134  $0.000   +0.02%       +0.01%                
 USD/AUD     0.7088   0.000   -0.06%       -1.05%                
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
 RSI 14, exponential
 Source: Reuters (Reporting by Colin Packham; Editing by Joseph Radford)

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