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