BEIJING, Dec 17 (Reuters) – Chicago wheat futures edged higher on Friday, building on the previous session’s near 2% gains on the back of strong weekly export sales and dry conditions in the U.S. Plains, while corn and soybeans were stuck in a tight range.
FUNDAMENTALS
* The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 rose 0.3% to $7.73 a bushel by 0150 GMT. Wheat is down 1.6% for the week, in line for a third consecutive weekly fall.
* Soybeans Sv1 were flat at $12.77-1/4 per bushel but have gained 0.7% so far in the week. Corn Cv1 is up 0.3% so far this week and was last at $5.91-3/4 a bushel on Friday.
* Dry and unseasonably warm weather is threatening yield prospects for winter wheat in the U.S. Plains bread basket, crop and weather experts said, as global supplies of milling wheat are tightening.
* Argentina’s Buenos Aires grains exchange said on Thursday it could raise its estimate for the 2021/22 wheat harvest, already at a record 21 million tonnes, thanks to high yields as harvesting of the crop progresses.
* Strategie Grains has raised its estimate for EU soft wheat exports outside the bloc for the current 2021/22 season by more than 1 million tonnes as a fall in prices has made French wheat more competitive on world markets.
* Iranian state agency the Government Trading Corporation (GTC) is believed to have purchased around 500,000 tonnes of milling wheat in a tender that closed on Wednesday, European traders said on Thursday.
* Commodity funds were net buyers of Chicago Board of Trade soybean, wheat, soyoil and corn futures contracts on Thursday and net even in soymeal futures, traders said. COMFUND/CBT
MARKET NEWS
* The U.S. dollar remained under pressure on Friday, a day after the Bank of England and European Central Bank adopted more hawkish stances than markets had expected, giving a boost to sterling and the euro. USD/
DATA/EVENTS (GMT)
0700 UK Retail Sales MM YY Nov
0900 Germany Ifo Business Climate Dec
0900 Germany Ifo Curr Conditions Dec
0900 Germany Ifo Expectations Dec
1000 EU HICP Final MM YY Nov
n/a Japan BOJ Rate Decision
(Reporting by Emily Chow; Editing by Subhranshu Sahu)
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