SYDNEY, Oct 25: US wheat futures held steady on Friday, close to a four-month high, but the grain was poised to record its biggest weekly loss in nearly three months as technical selling and profit-taking shrugged off support from global production concerns.
FUNDAMENTALS
* Chicago Board Of Trade December wheat down 1.5 percent for the week, the biggest weekly loss since Aug. 9.
* Wheat hit a four-month high of $7.11-1/4 a bushel earlier in the week on concerns that harsh weather in Argentina, Australia and the Black Sea could damage wheat crop prospects and lead to increased export deals for the United States.
* December soybeans poised to finish the week up 1.4 percent, the second straight weekly gain.
* December corn little changed this week.
* The U.S. Department of Agriculture confirmed widespread market rumors that China was actively buying U.S. corn while USDA’s reporting systems were down due to a government shutdown, taking advantage of the lowest prices in three years.
* USDA said net 1,341,400 tonnes of U.S. Corn were sold for exports, above estimates for 650,000 to 850,000 tonnes.
* Net exports of soybeans at 929,700 tonnes for 2013/14 were within trade estimates of 850,000 to 1,050,000 tonnes. USDA said 242,300 tonnes were sold to China and 122,400 tonnes were sold to an unknown destination.
MARKET NEWS
* The dollar struggled near a two-year low against the euro in early Asian trade on Friday, as strengthened expectations the U.S. Federal Reserve will maintain its asset purchases through early next year undermined the greenback.
* U.S. Oil futures recouped losses in choppy trade on Thursday while European Brent crude slid, as traders bet that an abrupt slump earlier this week in the hotly traded Brent-WTI spread had gone too far.
* U.S. Stocks resumed their upward move on Thursday as economic data underscored views U.S. Monetary stimulus will be in place for the foreseeable future and as earnings offered some upbeat news.
(AGENCIES)
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