Content ID

332334

GRAINS-Corn recovers from 1-week low; U.S. weather, Ukrainian shipments weigh

* Rains in parts of U.S. Midwest weigh on corn, soybeans

* Resumption of Ukrainian grain exports ease supply worries (Releads, updates prices, adds quote; paragraph 3)

By Naveen Thukral

SINGAPORE, Aug 17 (Reuters) - Chicago corn edged higher on Wednesday, after dropping earlier in the session to its lowest in a week on pressure from crop-friendly U.S. weather and easing Black Sea supply concerns.

Wheat and soybeans rose 0.8%.

"U.S. weather has added a bit of pressure on prices," said one Singapore-based grains trader. "Ukrainian ships are moving out, which is positive for supplies."

The most-active corn contract on the Chicago Board of Trade (CBOT) added 0.3% to $6.12 a bushel, as of 0338 GMT, after hitting its lowest since Aug. 8 at $6.06-3/4 a bushel.

Wheat gained 0.8% at $8.09-1/2 a bushel and soybeans climbed 0.8% to $13.92-1/4 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. (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)

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