GRAINS-Wheat extends gains on strong demand, supply woes; corn firms
SINGAPORE, Aug 5 (Reuters) - Chicago wheat futures climbed for a second consecutive session on Friday, with strong demand and tight global supplies underpinning the market.
Corn rose for a third session, while soybeans dipped after surging on Thursday.
* The most-active wheat contract on the Chicago Board of Trade (CBOT) was up 0.5% at $7.86-1/4 a bushel, as of 0101 GMT. Corn rose 0.3% to $6.08-1/4 a bushel, while soybeans lost 0.3% to $14.13-3/4 a bushel.
* For the week, wheat is down 2.6%, corn has given up almost 2% and soybeans have lost 3.7%.
* Major challenges remain on exports from the Black Sea region even as Ukrainian grain begins to move out of seaports for the first time since February.
* Three ships carrying a total of 58,041 tonnes of corn have been authorised to leave Ukrainian ports on Friday as part of a deal to unblock grain exports, the organisation arranging the operation said on Thursday.
* A first vessel carrying Ukrainian grain set sail from Odesa on Monday, arriving at the Bosphorus Strait some 36 hours later under a deal between Russia and Ukraine, brokered by Turkey and the United Nations, that aims to ease a global food crisis stemming from the war.
* U.S. weekly wheat net export sales for the new marketing year for the week ended July 28 were 249,900 tonnes and U.S. soybean net export sales were 410,600 tonnes, in line with expectations.
* Argentina's 2022/2023 wheat crop got a much-needed boost last week when rains eased drought conditions afflicting key agricultural areas, the Buenos Aires Exchange said on Thursday.
* Persistently dry conditions in recent months have pushed the exchange to cut its estimate for the country's planted wheat area five times, down to 6.1 million hectares (15 million acres) from the 6.6 million hectares initially expected in May.
* U.S. weather is critical for soybeans and corn.
* Weather service Maxar in a report said on Thursday its 6-10 outlook indicated drier weather in the central and northeastern Midwest although rains in the Delta and southeastern Midwest should improve moisture for corn and soybean crops there.
* Soybeans in key growing areas of the U.S. Midwest will likely face more hot and dry conditions during August, their critical growing month, that could threaten harvest yields, according to weather forecasts.
* Commodity funds were net buyers of CBOT soybeans, wheat, corn, soymeal and soyoil futures contracts on Thursday, traders said.
* Crude oil sank with Treasury yields and the dollar on Thursday as recession worries intensified following the Bank of England's warning of a drawn-out downturn and ahead of key a hotly anticipated U.S. employment report on Friday.
DATA/EVENTS (GMT) 0600 Germany Industrial Output MM, YY June 0600 UK Halifax House Prices MM, YY July 0645 France Reserve Assets Total July 1230 US Non-Farm Payrolls July 1230 US Unemployment Rate July (Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips)
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