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332330

GRAINS-Corn falls for third session on improved U.S. weather, Ukrainian shipments

SINGAPORE, Aug 17 (Reuters) - Chicago corn slid for a third consecutive session on Wednesday to its lowest in more than a week, with prices weighed down by crop-friendly weather in the U.S. grain belt and easing supply concerns in the Black Sea region.

Wheat fell while soybeans inched higher.

FUNDAMENTALS

* The most-active corn contract on the Chicago Board of Trade (CBOT) was down 0.1% at $6.09-1/2 a bushel, as of 0037 GMT, after hitting its lowest since Aug. 8 at $6.06-3/4 a bushel.

* Wheat fell 0.2% to $8.01-1/2 a bushel and soybeans added 0.2% to $13.82-1/2 a bushel.

* Forecasts for rain this week in dry western parts of the U.S. corn and soybean belt pressured markets, despite declining crop conditions last week as reported by the U.S. Department of Agriculture (USDA).

* Supply fears related to Russia's invasion of Ukraine have eased by initial grain shipments under a safe-passage agreement.

* The ship Brave Commander has left the Ukrainian port of Pivdennyi carrying the first cargo of humanitarian food aid bound for Africa from Ukraine since Russia's invasion, Refinitiv Eikon data showed on Tuesday.

* Russia-focused consultancy Sovecon raised its forecast for Russia's 2022 wheat crop to 94.7 million tonnes from 90.9 million tonnes on Tuesday, citing record yields in many regions and brighter prospects for spring wheat after recent rain.

* Russia is the world's largest wheat exporter, supplying it mainly to the Middle East and Africa.

* European Union 2022/23 soft wheat exports and maize imports rose sharply last week, according to data from the European Commission which warned however the figures may be still incomplete.

* The EU's executive has reported in recent weeks that data it compiles on exports and imports of cereal and oilseed products could be incomplete, and traders have said its soft wheat export tally has lagged a fast early-season pace of shipments.

* Commodity funds were net sellers of CBOT soybean, corn, wheat, soyoil and soymeal contracts on Tuesday, traders said.

MARKET NEWS

* Global equity markets were flat while U.S. Treasury yields rose on Tuesday, as recession worries persisted amid concern the Federal Reserve will continue its steep interest rate hikes despite nascent signs of a slowdown in inflation.

DATA/EVENTS (GMT) 0100 Australia Composite Leading Idx MM July 0100 Australia Wage Price Index QQ, YY Q2 0600 UK CPI YY July 0900 EU GDP Flash Estimate QQ, YY Q2 1230 US Retail Sales MM July 1800 US The Federal Open Market Committee issues minutes from its meeting of July 26-27 (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)

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