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CHICAGO, May 16 (Reuters) - Rough rice futures on the Chicago Board of Trade closed mostly higher Friday on a bounce from this week's sell-off spurred by easing world supply worries, traders said.
* July <RRN8> was the only month to close lower -- down 27-1/2 cents at $20.06-1/2 per cwt as commodity funds rolled their July longs into the deferred months.
* September <RRU8> ended 52-1/2 cents higher at $18.75.
* Volume was large estimated at 2,017 futures and 68 options.
* The market was due for a bounce, after falling the maximum daily price limit the past three sessions.
* The market began slipping a week ago in reaction to UDSA's forecast for a record world crop for 2008 and stocks to grow. But prices remain historically high, hitting a record top above $25 in late April on fears of shortages and hoarding.
* Trading limits revert back to 75 cents from $1.15 for Monday as the market did not close limit down or limit up in two or more months.
* The Philippines will hold a tender for private importers for 341,440 tonnes of rice, possibly June 5, the National Food Authority said. [ID:nMAN142086]
For detailed report click on [GRA/].
(Reporting by Christine Stebbins)
((christine.stebbins@thomsonreuters.com; +1 312 408 8720; Reuters Messaging:christine.stebbins.reuters.com@reuters.net)) Keywords: MARKETS CBOT RICE
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CHICAGO, May 16 (Reuters) - U.S. wheat futures closed higher in Chicago and Kansas City on Friday on light short covering after a seesaw session, traders said.
Wheat futures were seen as oversold and due for a bounce following a two-month slide, but the approaching harvest of a record large world wheat crop continued to hang over the market, pushing prices lower at times.
A weaker dollar, a rally in soybean futures tied to the extension of an Argentine farmer strike, and strength in crude oil lent support.
* At the Chicago Board of Trade, July soft red winter wheat <WN8> settled 4 cents higher at $7.75-1/2 per bushel, with back months up 2-1/2 to 4 cents.
* Funds were net even in CBOT wheat for the day.
* At the Kansas City Board of Trade, July hard red winter wheat futures <KWN8> closed up 2-3/4 cents at $8.24-1/4 per bushel, with back months up 2 to 5 cents.
* At the Minneapolis Grain Exchange, July spring wheat <MWN8> fell 3 cents to close at $10.04 per bushel, with new-crop September <MWU8> down 8 cents at $8.64.
* Volume was light in Chicago estimated at 33,300 futures and 6,574 options. In Minneapolis an estimated 5,099 futures traded. Estimated Kansas City trade was 10,643 futures.
* MGE futures weighed by soft cash markets for spring wheat amid sluggish demand from flour mills.
* Pakistan issued two separate tenders to import a total of 250,000 tonnes of wheat to boost stocks. [ID:nSIN260093]
* Ukraine has offered the first parcels of milling and feed wheat of the 2008 harvest, a top analyst said. [ID:nL16579072]
* Ukrainian President Viktor Yushchenko is ready to cancel grain and sunflower oil export restrictions, if the government fails to abolish them, a local newspaper said. [ID:nL16677208]
(Reporting by Julie Ingwersen) ((julie.ingwersen@thomsonreuters.com; +1 312-408-8720; Reuters Messaging: julie.ingwersen.reuters.com@reuters.net)) Keywords: MARKETS WHEAT/CBOT
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CHICAGO, May 16 (Reuters) - U.S. soybean futures on the Chicago Board of Trade hit a two-month top on Friday, boosted by a farmer strike in Argentina that will continue into next week and further stall shipments from one of the world's top soy exporters, traders said.
* Signs of fresh export interest in U.S. soybeans reinforced ideas of a slowdown in Argentine soy sales due to the farmer protest over the soy export tax.
* A rally in New York crude oil to record top near $128 per barrel was also supportive, with speculative buying in soyoil spilling over to soybeans.
* July soybeans <SN8> ended 30-1/2 cents higher at $13.78 per bushel, after climbing to a top of $14.02.
* July soyoil <BON8> closed 1.82 cent per lb at 61.85 cents; July soymeal <SMN8> settled $5 up at $350.
* Volume was moderate in soybeans and light in the products. In soybeans, an estimated 104,276 futures and 78,447 options traded. Soymeal trade was pegged at 38,446 futures and 720 options. Estimated soyoil volume was 45,469 futures and 1,500 options.
* Commodity funds bought 3,000 soybean contracts, 1,000 soymeal and 2,000 soyoil, traders said.
* China bought about seven cargoes of U.S. soybeans this week, a combination of old- and new-crop supplies, traders said.
* USDA confirmed the sale of 253,000 tonnes of U.S. soybeans for 2008/09 delivery. That follows USDA's confirmation on Thursday of China buying 126,000 tonnes of U.S. soybeans, a combination of old and new crop.
* A break in the rains this week in the western Midwest soybeans, said DTN Meteorlogix. The eastern belt is wetter, thus slowing planting. [ID:nN16404682]
* Traders expected USDA to report on Monday U.S. soybean planting progress at 20 to 30 percent, versus the seasonal average near 54 percent.
* U.S. Midwest basis bids for soybeans were weaker at interior points and firmer along the river, with country sales quiet, dealers said.
For a detailed market report click on [GRA/].
(Reporting by Christine Stebbins) ((christine.stebbins@thomsonreuters.com; +1 312 408 8720; Reuters Messaging:christine.stebbins.reuters.com@reuters.net)) Keywords: MARKETS SOYBEANS CBOT
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CHICAGO, May 16 (Reuters) - U.S. corn futures on the Chicago Board of Trade closed lower on Friday, retreating from early advances on weak cash markets and prospects for planting progress, traders said.
* CBOT July corn <CN8> closed 8 cents lower at $5.91 per bushel, with new-crop December <CZ8> down 5-3/4 at $6.16-3/4.
* Funds were net sellers of 6,000 contracts, traders said.
* Bearish moves in options pressured futures, with firms selling roughly 3,000 July $5.70 and $5.80 calls.
* Estimated futures volume was light at 178,223 contracts while options trade was heavy pegged at 87,427 lots.
* CIF values for corn crumbled at the U.S. Gulf on plentiful supplies and rising ocean freight rates, which have slowed export demand.
* Optimism about corn plantings and emergence added some pressure, especially after a few dry days in the western and northern Midwest.
* Trade expecting USDA on Monday to show corn planting progress near 75 percent vs the seasonal average near 90 percent.
* Forecasts called for an open weekend for planting, especially in the western Midwest. Warm weather also likely to boost emergence. But rain was forecast for middle to late next week. [ID:nN16404682]
* Given the economics of corn versus soybeans, traders expecting few intended-corn acres being switched to soybeans, despite corn planting delays.
* Corn prices are still historically high given worldwide demand for grains, trading just below recent contract highs. The top in December corn is $6.55-1/2.
* U.S. Midwest basis bids for corn steady with sales quiet, dealers said.
* CBOT oat futures closed mixed, with July <ON8> unchanged at $3.94 per bushel. Back months were down 1/2 to up 12 cents.
* Volume was light estimated at 692 futures. (Reporting by Julie Ingwersen) ((julie.ingwersen@thomsonreuters.com; +1 312-408-8720; Reuters Messaging: julie.ingwersen.reuters.com@reuters.net)) Keywords: MARKETS CORN CBOT
* Canadian dollar closes flat, but up on week
* Lofty oil prices lend support to Canadian dollar
* Bond prices lower across the curve
By John McCrank
TORONTO, May 16 (Reuters) - The Canadian dollar was flat
against the U.S. dollar on Friday in quiet trade ahead of
Canada's Victoria Day long weekend, but it did record its
second straight weekly gain as the commodity-linked currency
drew support from robust oil prices.
Canadian bond prices, with no key economic data to
consider, drifted lower along with the U.S. market.
The Canadian currency closed at US$1.0002, valuing a U.S.
dollar at 99.98 Canadian cents, up a bit from US$1.0000 at
Thursday's close.
The currency rose 0.6 percent this week after a gain of 1.4
percent last week.
Early in the session, the Canadian dollar rose to US$1.0049
as U.S. crude oil <CLc1> touched a record high near $128 a
barrel. See [ID:nN16574659]. But the currency fell back to
parity as oil prices eased.
Canada is a major oil producer and exporter and its
currency often follows prices for the commodity, a trend that
started to regain momentum in recent weeks.
While the Canadian dollar was pretty much unchanged versus
the greenback, it fell against most other major currencies, in
tandem with the U.S. dollar, said Camilla Sutton, currency
strategist at Scotia Capital.
That was due to weak U.S. consumer confidence data, which
raised some concerns about U.S. second-quarter economic growth.
The United States is by far Canada's biggest trading partner.
Next week the slate of Canadian economic data picks up with
a slew of reports that include April inflation data on
Wednesday and March retail sales on Thursday.
"Next week the retail sales data will be more important
that the CPI, just because I think CPI will show what we all
know already, which is that inflation pressures in Canada are
really very moderate," Sutton said.
BONDS TILT LOWER
Canadian bond prices tilted lower in quiet trade as the
bond market closed early for the long weekend.
"We've got really just the mildest of selloffs," said Eric
Lascelles, chief economics and rates specialist at TD
Securities.
"But we do have some pretty big numbers next week and I
suppose there will be some room for Canadian bonds to rally."
The two-year bond was down 6 Canadian cents at C$101.87 to
yield 2.798 percent. The 10-year fell 13 Canadian cents to
C$103.25 to yield 3.575 percent.
The yield spread between the two- and 10-year bonds was
77.7 basis points, down from 78.6 at the previous close.
The 30-year bond dropped 1 Canadian cent to C$116.29 for a
yield of 4.041 percent. In the United States, the 30-year
Treasury yielded 4.577 percent.
The three-month when-issued T-bill yielded 2.61 percent,
down from 2.63 percent at the previous close.
(Editing by Peter Galloway)
((john.mccrank@thomsonreuters.com; +1 416 941 8083; Reuters
Messaging: john.mccrank.reuters.com@reuters.net))
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Keywords: MARKETS CANADA DOLLAR BONDS
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