GRAINS-Wheat heads for biggest weekly fall since June on ample supply
CANBERRA/PARIS, Dec 19 (Reuters) - Chicago wheat futures fell on Friday and were headed for their biggest weekly drop since June, as a firmer dollar and abundant global supply kept prices near an eight-week low.
Soybean futures declined for a sixth day, reaching their lowest since October 24, as speculators continued to unwind long positions due to ample supply and doubts over Chinese demand.
Corn dipped after two days of gains driven by brisk U.S. exports.
A rise in the dollar index =USD to a one-week high weighed on U.S. grains by making them more expensive overseas. FRX/
The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was down 0.2% at $5.06-3/4 a bushel at 1203 GMT and on track to end the week 4.3% lower.
Wheat hit an eight-week low of $5.04 on Wednesday before steadying above psychological $5 floor, leading some to anticipate the market may be bottoming out.
"Open interest has increased over the last few sessions as the price has steadied at lower values," StoneX analyst Bevan Everett wrote in a note to clients.
"Whether the wheat market can rebound will be dictated by short-covering going forward."
In a year of abundance for grains, big ongoing wheat harvests in Argentina and Australia are pouring new supply onto the market.
Early prospects for next year's harvests are appear favourable, with top exporter Russia projecting a bumper 90-million-metric-ton crop, officials said on Thursday.
CBOT soybeans Sv1 edged down 0.1% to $10.51 a bushel.
"On the soybean market, operators continue to worry about a lack of clarity on China's purchasing intentions for the US origin," Argus Media analysts wrote.
Uncertainty over when China may meet a 12 million ton target for purchases of U.S. soybeans under a trade truce between Beijing and Washington has dampened the soybean market, particularly in the run-up to what is expected to be another bumper Brazilian harvest in early 2026.
CBOT corn Cv1 ticked down 0.1% to $4.44 a bushel.
Prices at 1203 GMT | |||
Last | Change | Pct Move | |
CBOT wheat Wv1 | 506.75 | -1.00 | -0.20 |
CBOT corn Cv1 | 444.00 | -0.50 | -0.11 |
CBOT soy Sv1 | 1051.00 | -1.25 | -0.12 |
Paris wheat BL2c1 | 186.25 | 0.25 | 0.13 |
Paris maize EMAc1 | 185.75 | 0.00 | 0.00 |
Paris rapeseed COMc1 | 458.25 | -2.75 | -0.60 |
WTI crude oil CLc1 | 56.35 | 0.20 | 0.36 |
Euro/dlr EUR= | 1.17 | 0.00 | -0.10 |
Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per metric ton | |||
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