GRAINS-Soybeans set for greatest weekly loss in almost 7 years

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GRAINS-Soybeans set for greatest weekly loss in almost 7 years


By Colin Packham

CANBERRA, June 18 (Reuters)U.S. soybean futures had been heading in the right direction to submit their greatest weekly loss in almost seven years, weighed down by forecasts for crop-friendly climate and cooler temperatures within the Midwest crop belt, regardless of a 3% bounce earlier within the day.

Wheat rose 1% on Friday, however an advancing U.S. harvest was set to drive the grain in direction of a weekly lack of 5%, whereas corn was up 1%.

Probably the most lively soybean futures on the Chicago Board of Commerce Sc1 had been up 3.2% at $13.67-1/2 a bushel, as of 0201 GMT, after closing 8.2% weaker within the earlier session when costs hit a Jan 23 low of $13.23-1/2 a bushel.

Merchants anticipate showers to convey reduction to dry areas of the U.S. Corn Belt over the subsequent two weeks, enhancing manufacturing prospects.

Pushed by heavy losses, soybeans are down 9% for the week, set for the most important weekly slide since September 2014.

“A lot of these grain and oilseed markets had heavy lengthy positions pushed by macro views and the momentum tailwinds they create. Promoting by that group was a serious purpose for the falls,” stated Tobin Gorey, director of agricultural technique, Commonwealth Financial institution of Australia.

“We don’t suppose although that a lot has modified within the tight provide fundamentals.”

Probably the most lively corn futures Cc1 had been up 1.3% at $6.41-3/four a bushel, having closed 6% decrease within the earlier session.

Corn is down 6% for the week, having closed 0.2% larger within the earlier week.

Probably the most lively wheat futures Wv1 had been up 1.5% at $6.48-1/2 a bushel, having closed down 3.6% on Thursday.

Wheat is down almost 5% for the week, poised for the second straight weekly slide.

(Reporting by Colin Packham, Enhancing by Sherry Jacob-Phillips)

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