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GRAINS-Corn set for second weekly loss as ample world supply weighs
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GRAINS-Corn set for second weekly loss as ample world supply weighs
Apr 11, 2024 5:55 PM

SINGAPORE, April 12 (Reuters) - Chicago corn slid on

Friday and the market was set for a second weekly loss after a

U.S. report showed domestic supplies remained plentiful despite

a reduction from last month.

Wheat edged higher, while soybeans eased, with both

commodities on track for weekly declines.

FUNDAMENTALS

* The most-active corn contract on the Chicago Board of

Trade (CBOT) was down 0.1% at $4.28-1/4 a bushel, as of

0015 GMT, with the market set to end the week marginally lower.

* Wheat added 0.4% to $5.53-3/4 a bushel and soybeans

fell 0.1% to $11.58 a bushel. For the week, wheat and

soybeans have lost more than 2%.

* The U.S. Department of Agriculture (USDA) on Thursday

projected domestic ending stocks will remain at a five-year high

even as the agency reduced its estimate from last month.

* U.S. corn stocks are projected at 2.122 billion bushels by

the end of the 2023-24 marketing year on Aug. 31, down from

USDA's previous forecast for 2.172 billion bushels. Analysts had

expected an even bigger cut to 2.102 billion.

* The USDA's monthly supply-and-demand report left its

forecast for Brazil's soybean crop unchanged at 155 million

metric tons.

* However, Brazilian crop agency Conab reduced its soybean

output projection to 146.522 million metric tons due to adverse

weather, highlighting a big divide in the outlooks.

* Commodity funds were net sellers of CBOT corn, wheat,

soybeans and soyoil futures contracts on Thursday, traders said.

Funds were net buyers of soymeal futures contracts.

MARKET NEWS

* A global equities index rose slightly on Thursday after

falling earlier in the day while Treasury yields rose as

investors looked to the latest inflation data for clues on the

potential for Federal Reserve interest rate cuts.

DATA/EVENTS (GMT)

0300 China Exports, Imports YY March

0300 China Trade Balance March

0600 Germany HICP Final YY March

0600 UK GDP Est 3M/3M Feb

0600 UK GDP Estimate MM, YY Feb

0600 UK Manufacturing Output MM Feb

0645 France CPI (EU Norm) Final MM, YY March

1230 US Import Prices YY March

1400 US U Mich Sentiment Prelim April

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