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334017

GRAINS-Corn, soybeans firm on slower U.S. harvest pace; wheat gains 1%

SINGAPORE, Sept 27 (Reuters) - Chicago corn and soybean futures rose on Tuesday, with both markets gaining after hitting an almost two-week low in the last session, supported by slower-than-expected pace of the U.S. harvest.

Wheat prices gained more than 1% after falling for the last two sessions.

FUNDAMENTALS

* The Chicago Board of Trade (CBOT) most-active corn contract rose 0.4% to $6.69 a bushel, as of 0117 GMT and soybeans added 0.3% to $14.14-3/4 a bushel.

* Wheat gained 1.1% at $8.67-1/2 a bushel.

* The U.S. Department of Agriculture said corn harvest was 12% complete as of Sunday, behind the average analyst estimate of 13% and the five-year average of 14%.

* The soybean harvest was 8% complete, lagging the average analyst estimate of 11% and the five-year average of 13%, the agency reported after the market closed on Monday.

* Wheat futures bounced back, although expectations of higher output in Russia limited gains.

* The European Union's crop monitoring service MARS on Monday raised its projections for Russia's 2022 wheat crop to a new record high, but lowered its grain maize crop forecast to take account of hot and dry summer weather.

* In a report, MARS estimated the Russian wheat harvest at 95.0 million tonnes, up from 88.8 million seen in its previous estimate in June, and now 25% above last year.

* Ukraine on Monday urged the European Union to support its plans to make the emergency paths for grain exports through the bloc permanent, with investment in at least five border terminals and a pipeline through which sunflower oil would flow.

* Soymeal prices in China, the world's top consumer of the animal feed ingredient, are at record highs as rising demand from farmers follows months of lacklustre soybean imports.

* Commodity funds were net sellers of CBOT wheat, corn, soybean, soymeal and soyoil futures contract on Monday, traders said.

MARKET NEWS

* U.S. stocks and oil prices declined in choppy trading on Monday, while the dollar and Treasury yields pushed higher, as Wall Street digested a raft of mixed macroeconomic news.

DATA/EVENTS 1000 France Unemp Class-A SA Aug 1230 US Durable Goods Aug 1400 US Consumer Confidence Sept 1400 US New Home Sales-Units Aug (Reporting by Naveen Thukral; Editing by Rashmi Aich)

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