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GRAINS-Wheat dips from two-month high; soybeans, corn gain

SINGAPORE, Sept 8 (Reuters) - Chicago wheat futures slid for the first time in four sessions on Thursday, after climbing to their highest in almost two months in the last session on concerns over Black Sea supplies.

Soybeans and corn edged higher.

FUNDAMENTALS

* The most-active wheat contract of the Chicago Board of Trade (CBOT) fell 0.4% to $8.41 a bushel, as of 0035 GMT after climbing on Wednesday to its highest since July 11 at $8.73-1/2 a bushel.

* Corn added 0.2% to $6.72-1/2 a bushel and soybeans were up 0.1% to $13.85 a bushel.

* Russian President Vladimir Putin said on Wednesday Russia and the developing world had been "cheated" by a UN-brokered Ukrainian grain export deal, vowing to look to revise its terms to limit the countries that can receive shipments.

* Senior U.N. and Russian officials met in Geneva to discuss Russian complaints that Western sanctions were impeding its grain and fertilizer exports despite the deal to boost Russian and Ukrainian shipments.

* While the United States and others have stressed that Russian food and fertilizer is not subject to sanctions imposed over Moscow's Feb. 24 invasion of its neighbour, Russia has asserted there has been a chilling effect on its exports.

* Wheat prices had been pressured in recent weeks by an increasing flow of Ukrainian shipments through the Black Sea corridor, along with falling prices for Ukrainian and Russian supplies.

* In the soybean market, higher supplies from Argentina and slowing Chinese demand are expected to weigh on prices.

* Argentine farmers sold a total of 2.13 million tonnes of soybeans on Monday and Tuesday, surpassing in just two days the 667,000 tonnes sold last week after the government established a preferential exchange rate for soybean exports, the Rosario Stock Exchange said Wednesday.

* China's soybean imports in August were down 24.5% from a year earlier, customs data showed on Wednesday.

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

MARKET NEWS

* Global stocks rallied on Wednesday after recent losses as benchmark U.S. Treasury yields eased from three-month highs and oil prices fell below $90 a barrel.

DATA/EVENTS (GMT) 0130 Australia Trade Balance G&S July 1215 EU ECB Refinancing, Deposit Rates Sept 1230 US Initial Jobless Clm Weekly 1415 EU ECB President Christine Lagarde presents the latest monetary policy decisions (Reporting by Naveen Thukral; Editing by Rashmi Aich)

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