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GRAINS-Wheat set for weekly loss of 4% on ample global stocks

Published 04/12/2020, 03:01 pm
Updated 04/12/2020, 03:06 pm
© Reuters.
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* Wheat falls on ample global stocks

* Soybeans fall as crop outlook in Brazil improves

* Corn on course for weekly loss of 2%

By Colin Packham

SYDNEY, Dec 4 (Reuters) - U.S. wheat futures edged lower on Friday as ample global stocks pushed the grain towards a weekly loss of 4%, the first weekly loss in three and the biggest decline since October-end.

Soybeans fell as rains eased fears about production in Brazil, while corn also edged lower.

The most active wheat futures on the Chicago Board Of Trade Wv1 were down 0.3% at $5.82-1/2 a bushel after closing 0.7% lower in the previous session.

Analysts said the decline was due to bumper global supply expectations, boosted by weather forecasts in the Black Sea region.

Forecasters are not expecting worrisome cold in that region for another week or so, said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia.

Statistics Canada on Thursday pegged 2020/21 Canadian wheat production at 35.2 million tonnes, the country's biggest crop in seven years. most active soybean futures Sv1 were down 0.2% at $11.65-1/4 a bushel, having firmed 1.3% on Thursday.

They are down more than 2% for the week and on track for their first weekly loss in five.

Consultancy Celeres on Thursday lowered its forecast for Brazil's soybean crop to 129.5 million tonnes from 133.95 million. But sustained concerns about crops in the country have eased in recent days.

The most active corn futures Cv1 were down 0.1% at $4.22 a bushel after ending up 0.6% in the previous session.

Corn is down 2% for the week, the first weekly loss in five.

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