Fri Jun 22, 2012
* Corn firms after previous session losses on macroeconomic sentiment
* Corn on course for biggest weekly gains since Oct 2010
SYDNEY, June 22 (Reuters) - U.S. corn rose on Friday, recouping some of its losses from the previous session when bearish economic indicators outweighed the impact of weather concerns, as new-crop corn heads for its biggest weekly gain since October 2010.
Soybeans also firmed slightly, rebounding after losses, while wheat, dragged along by the gains in corn, fell.
Chicago Board Of Trade December corn rose 0.23 percent to $5.51-1/4 a bushel after falling 2.91 percent in the previous session. New-crop corn was up nearly 9 percent on the week.
Old-crop July corn rose 0.81 percent to $4.91-1/4 a bushel after falling 4 percent on Thursday.
"Corn was down 4 percent yesterday, and I think we are seeing a little bit of short covering today," Ker Chung Yang, commodities analyst at Phillip Futures in Singapore.
November soybeans were flat at $13.70-1/4 a bushel after falling 1.74 percent in the previous session, with weekly gains of 4.3 percent, while old-crop soybeans firmed 0.12 percent to $14.40-1/4 a bushel.
July wheat fell 0.23 percent to $6.60-1/4 a bushel after dipping 0.34 percent in the previous session. Wheat is up 8.5 percent for the week.
Poor economic data encouraged traders to lock in profits in corn and soybeans on Thursday, as the market set aside worries about dry crop weather that supported prices this week.
Weekly corn export data missed trade expectations. The U.S. Department of Agriculture reported export sales of U.S. corn in the latest week at 381,000 tonnes, including sales for the current and new marketing years. The figure fell below trade estimates for sales of 450,000 to 650,000 tonnes.
Old-crop soybeans came under less pressure when the USDA reported export sales of U.S. soymeal in the latest week at 282,000 tonnes, most of it for the 2011/12 marketing year, topping trade expectations for 50,000 to 150,000 tonnes.
Business activity across the euro zone shrank in June for a fifth straight month, and Chinese manufacturing contracted, while weaker overseas demand slowed U.S. factory growth, surveys showed.
The sell-off pressure was further fueled by slightly cooler temperatures and rain fell in parts of Illinois. However, an updated long-term forecast from the National Oceanic and Atmospheric Administration indicated above-normal temperatures across most of the Midwest through July.
Grains prices at 0340 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI
CBOT wheat 660.25 -1.50 -0.23% +0.49% 614.67 66
CBOT corn 551.25 1.25 +0.23% -16.29% 606.97 48
CBOT soy 1370.25 -1.00 -0.07% +11.63% 1159.99 64
CBOT rice $14.30 -$0.04 -0.24% -2.36% $14.42 53
WTI crude $78.62 $0.42 +0.54% -23.64% $98.14 23
Currencies
Euro/dlr $1.255 -$0.039 -3.01% -3.81%
USD/AUD 1.006 -0.031 -2.98% -3.01%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight
RSI 14, exponential
(Reporting by Colin Packham)
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