FUNDAMENTALS
* The most-active corn contract on the Chicago Board of
Trade (CBOT) was unchanged at $5.89 a bushel, as of 0020
GMT, wheat fell 0.2% to $6.44 a bushel and soybeans added 0.1% to $14.18-3/4 a bushel.
* U.S. export sales of corn fell to their lowest weekly
total on record, government data showed on Thursday, as overseas
buyers cancelled purchases made earlier in the year.
* Concerns about export demand for U.S. corn have weighed on
prices for months and the futures market sank to a nine-month
low earlier this week, as a massive crop in Brazil was expected
to provide a glut of cheaper supplies.
* For the week, corn is up 0.7%, wheat has added 1.7% and
soybeans are down 2%.
* Markets also had eyes towards the USDA's monthly World
Agricultural Supply and Demand Estimates (WASDE) coming on May
12, with an expected decrease in exports.
* Technical personnel from Turkey, Russia, Ukraine, and the
United Nations will meet on Friday to discuss a deal that allows
the exports of Ukrainian grains on the Black Sea, Turkish
Defence Minister Hulusi Akar said.
* The evacuation of Turkish-flagged ships and grain
shipments from Black Sea ports as part of the deal will be
discussed, Akar said.
* Ukraine President Volodymyr Zelenskiy said a day earlier
that Russia did not appear to be interested in extending the
Black Sea grain deal, but that Kyiv was focused on looking for
partners to fulfil the deal and was not looking for Russian
interest.
* Commodity funds were net buyers of CBOT wheat futures on
Thursday, traders said. Funds were net sellers of corn,
soybeans, soymeal and soyoil futures. MARKET NEWS
* A global measure of stocks fell for the fourth consecutive
day while the dollar gained some ground as the European Central
Bank raised rates on Thursday and signalled the need for more
tightening a day after the U.S. Federal Reserve also raised
rates. DATA/EVENTS (GMT)
0145 China Caixin Services PMI April
0600 Germany Industrial Orders MM March
0600 Germany Manufacturing O/P Cur Price SA March
0600 Germany Consumer Goods SA March
0830 UK All-Sector PMI April
1230 US Non-Farm Payrolls April
1230 US Unemployment Rate April
(Reporting by Naveen Thukral; editing by Uttaresh
Venkateshwaran)
SINGAPORE, May 5 (Reuters) - Chicago corn futures were
poised on Friday to end the week with marginal gains, after
dropping to a nine-month low on news of cancelled sales to China
and strong competition from Brazil.
Wheat is on track for a first weekly rise in three weeks as
the market is being supported by uncertainties over a Black Sea
export deal, which allows Ukraine to ship grains despite war
with Russia.
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