GRAINS-Wheat edges lower, global weather threat set to drive weekly gains of 1 pct

SYDNEY, Aug 10 (Reuters) – U.S. wheat futures fell around
0.5 percent on Friday, though fears that adverse weather in
major global exporters was set to drive the grain to its fourth
consecutive weekly gain.

FUNDAMENTALS
* The most active wheat futures on the Chicago Board Of
Trade up 1 percent for the week, the fourth straight
weekly gain.
* The most active soybean futures little changed for
the week after three straight weekly gains.
* The most active corn futures down more than 0.5
percent for the week, the first weekly loss in a month.
* Analysts expect the USDA to increase its estimates of corn
and soybean yields and production, but the latest weather
outlook has tempered expectations.
* After rains across the U.S. Midwest this week, parts of
the region are expected to turn drier over the next two weeks at
a critical stage of development for corn and soybean crops,
forecasters said.
* A slowdown in Chinese imports of U.S. soybeans after
Beijing imposed extra tariffs drags on the oilseeds, although
expectations that China will need to resume buying U.S. soybeans
have lent support at times this week.
* The USDA on Thursday reported net U.S. soybean export
sales near the high end of trade estimates, with typical buyers
such as the Netherlands, Spain, Egypt and Pakistan booking large
purchases. China, the world’s top importer, cancelled purchases
in the week.

MARKET NEWS
* The dollar rose against most major currencies on Thursday
in thin summer trading, as investors bet global trade tensions
and a robust American economy would continue to support the U.S.
currency.
* Crude prices settled slightly lower on Thursday, extending
the previous session’s losses as the escalating China-U.S. trade
dispute casts doubt over the outlook for oil demand.
* The S&P 500 and Dow ended down slightly on Thursday as
gains in Apple and Amazon were offset by
losses in energy and financial shares.

Grains prices at 0031 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 562.00 -2.50 -0.44% -1.40% 523.19 62
CBOT corn 381.75 -1.00 -0.26% -0.84% 371.08 57
CBOT soy 901.25 -2.75 -0.30% -1.02% 877.46 58
CBOT rice 10.75 $0.01 +0.09% +0.94% $11.70 17
WTI crude 66.68 -$0.13 -0.19% -0.39% $70.00 33
Currencies
Euro/dlr $1.152 -$0.001 -0.05% -0.78%
USD/AUD 0.7368 0.000 -0.03% -0.85%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
RSI 14, exponential

(Reporting by Colin Packham; Editing by Michael Perry)

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