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Chicago soybean futures slip on global demand concerns

Chicago soybean futures extended losses to a third day on Thursday amid declining demand for U.S. exports as buyers in top customer China sought cheaper South American supplies.

The most-traded soybean contract on the Chicago Board of Trade (CBOT) was down 0.1% at $14.53-3/4 a bushel, as of 1247 GMT. CBOT wheat slipped 0.8% to $8.65-1/4 a bushel, pulling back after the contract hit its highest since July 11 at $8.84-3/4 earlier in the session.

CBOT corn gained 0.1% to $6.83-1/4 a bushel. "The market saw technical selling and profit-taking after Monday's market rally," analysts at Zhongzhou Futures in China said in a note. "Concerns about demand for U.S. supplies also weighed on soybean futures amid intense competition in global markets."

Argentine farmers have sold 15.2% of the country's 44 million-tonne 2021/22 soybean crop in seven days since the government implemented a more favourable exchange rate for exports of the cash crop, the Rosario grains exchange said on Wednesday.

Argentina is the world's top exporter of soybean oil and meal and the No. 3 for the raw grains. Abiove, a trade group representing the oilseed crushers in Brazil, raised its soybean export forecast for this year by 200,000 tonnes from August to 77 million tonnes. Traders were also awaiting four weeks of backlogged U.S. export sales data expected later in the day from the U.S. Department of Agriculture.

Analysts, meanwhile, said some "positive" developments in war-torn Ukraine, whose grains shipments have picked up following a U.N.-brokered export corridor deal, helped ease concerns about tight global supplies. Consultancy Strategie Grains sharply cut its forecast for this year's maize (corn) crop in the European Union, citing further damage from dry weather that will likely force the bloc to import large volumes this season, notably from Ukraine. Traders, however, were cautious amid uncertainty about the impact of a railroads work stoppage in the United States and concerns about higher global interest rates which could slow down the world economy and dampen demand for commodities.

Prices at 1217 GMT Last Change Pct Move CBOT wheat 865,25 -7,00 -0,80 CBOT corn 683,25 1,00 0,15 CBOT soy 1453,75 -1,25 -0,09 Paris wheat 334,00 -3,25 -0,96 Paris maize 329,00 -1,75 -0,53 Paris rapeseed 587,75 -4,25 -0,72 WTI crude oil 87,33 -1,15 -1,30 Euro/dlr 0,9988 0,00 0,11 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne.

(Reporting by Enrico Dela Cruz in Manila and Sybille de La Hamaide in Paris; Editing by Sherry Jacob-Phillips, Subhranshu Sahu and Emelia Sithole-Matarise)

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