Wheat falls 1% on demand worries, but set for weekly gain
SINGAPORE, Sept 27 (Reuters) -Chicago wheat slid around 1% on Friday as dismal demand for U.S. cargoes weighed on prices, although the market is on track for a weekly gain amid worries that dry weather might slow down the pace of planting in top exporter Russia.
Soybeans and corn prices also eased, but both markets are set to end the week on positive note.
FUNDAMENTALS
* The most-active wheat contract on the Chicago Board of Trade (CBOT) Sv1 was down 1% at $5.78-1/2 a bushel, as of 0028 GMT, soybeans Sv1 fell 0.5% to $10.35-1/2 a bushel and corn Cv1 gave up 0.4% to $4.11-1/2 a bushel.
* For the week, wheat has climbed 1.8% after losing ground last week, while soybeans and corn have gained more than 2% each.
* A lack of demand for U.S. wheat shipments added pressure on prices.
* Meanwhile, winter wheat sowing rates in Russia for the next year's crop have fallen to an 11-year low due to drought in key producing regions, the Sovecon consultancy said.
* Russia's IKAR agricultural consultancy has cut its forecast for Russia's wheat crop for 2024 to 81.8 million metric tons from 82.2 million tons and for the grain crop to 124.5 million tons from 125 million tons, it said on Thursday.
* Traders said they are looking ahead to Monday's U.S. Department of Agriculture's annual small grains summary and quarterly grain stocks reports.
* Drought has held up the start of the soybean planting campaign in Brazil, though traders say rainfall next month may allow field work to get going in time.
* Argentina's Buenos Aires grains exchange could cut its forecast for the size of fields planted with corn this season if the South American nation's farming heartlands do not receive rain in the coming weeks, it said on Thursday.
* Commodity funds were net sellers of CBOT soybean, soyoil, wheat and soymeal futures contracts on Thursday, and net buyers of corn futures contracts, traders said. COMFUND/CBT
MARKET NEWS
* Global stock indexes reached record highs on Thursday after chipmaker Micron Technology's upbeat forecast, while oil dropped on a media report that Saudi Arabia plans to dump its unofficial crude price target of $100 a barrel. MKTS/GLOB
DATA/EVENTS (GMT)
0645 France CPI (EU Norm) Prelim MM, YY Sept
0645 France CPI Prelim MM, YY NSA Sept
0745 France Producer Prices YY Aug
0755 Germany Unemployment Rate, Chg SA Sept
0900 EU Consumer Confid. Final Sept
1230 US Consumption, Adjusted MM Aug
1230 US Core PCE Price Index MM, YY Aug
1230 US PCE Price Index MM, YY Aug
1400 US U Mich Sentiment Final Sept
Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips
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