GRAINS-Wheat near one-week low on stronger dollar, dismal demand

SINGAPORE, March 21 (Reuters) - Chicago wheat slid for a fourth consecutive session on Friday, trading close to a one-week low as the market continued to face headwinds from slowing demand for U.S. cargoes and a stronger dollar.

Soybeans gained ground, while corn prices slid.

FUNDAMENTALS

The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 fell 0.1% to $5.56-3/4 a bushel, as of 0012 GMT. Soybeans Sv1 rose 0.2% to 10.15 a bushel and corn Cv1 slipped 0.3% to 4.67-3/4 a bushel.

The wheat market is facing pressure from strengthening dollar, which makes the greenback-priced commodities expensive for overseas buyers.

The U.S. Department of Agriculture reported a net decline of 248,900 metric tons in U.S. wheat sales for the 2024/25 marketing year in the week ended March 13 on Thursday, well below expectations for net positive sales of 300,000 to 700,000 tons.

Traders in the agricultural markets are monitoring tariff tussles between the United States and its trading partners, discussions to end Russia-Ukraine war and U.S. farmers' plans for spring planting.

China's soybean imports from the United States jumped 84.1% in the first two months of 2025 compared with a year ago, but competitive pricing and a trade standoff with the U.S. is expected to boost purchases from Brazil in the months ahead.

The International Grains Council on Thursday forecast a rise in global corn production in the 2025/26 season with larger crops seen in the United States, Brazil, Argentina and Ukraine.

The intergovernmental body, in its monthly update, projected there would be a global corn crop of 1.269 billion metric tons, up from 1.217 billion in the previous season.

Traders are also positioning ahead of the USDA's grain stocks and prospective planting reports on March 31, where the agency will release estimates for farmers' planting intentions in 2025.

Commodity funds were net buyers of CBOT corn, soybean and soyoil futures contracts on Thursday, traders said. They were net sellers of soymeal and wheat futures contracts. COMFUND/CBT

MARKET NEWS

U.S. stocks posted modest losses and the dollar strengthened on Thursday as investors weighed solid data against notes of caution about trade from world central bank leaders. MKTS/GLOB

DATA/EVENTS (GMT)

0745 France Business Climate Mfg, Overall March

1500 EU Consumer Confid. Flash March