SYDNEY, Nov 22: U.S. Corn futures held steady on Friday, remaining on track for their first weekly climb in five after posting the biggest daily gain in 10 days the session before, buoyed by strong export demand.
FUNDAMENTALS
* Chicago Board of Trade December corn is poised to finish the week up 0.17 percent.
* December wheat is up 0.9 percent for the week, the first gain in five weeks.
* January soybeans are up 0.9 percent for the week, recouping nearly all their losses from the previous week.
* The U.S. Department of Agriculture said net corn export sales last week totalled 945,100 tonnes for current-marketing-year shipment, at the high-end of trade expectations for 750,000 to 950,000 tonnes.
* Soybean sales topped trade forecasts at nearly 1.4 million tonnes last week.
* Rains in Western Australia and frost on the country’s east coast have hit wheat crops in the world’s No. 2 exporter, dragging down quality and reducing harvests.
MARKET NEWS
* The U.S. Dollar got off to a flying start in Asia on Thursday, hitting its highest in nearly a week against a basket of major currencies after the euro was downed by talk of more European Central Bank policy easing.
* Brent crude oil jumped $2 to end at its highest in more than a month on Thursday, fuelled by a sharp run-up in gasoline and gas oil prices on news of dwindling stocks and refinery glitches in the United States and Europe.
* The Dow industrials closed above 16,000 for the first time on Thursday as stocks rebounded from three days of weakness, after economic data pointed to a slowly improving labor market and subdued inflation.
(agencies)
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