Content ID

334603

GRAINS-Wheat falls 1% to retreat from 3-month top; corn, soybeans ease

SINGAPORE, Oct 11 (Reuters) - Chicago wheat futures slid 1% on Tuesday, with the market retreating from previous session's highest level in three months, although concerns over Black Sea supplies curbed losses.

Corn and soybeans edged lower for the first time in three sessions.

FUNDAMENTALS

* The Chicago Board of Trade (CBOT) most-active wheat contract was down 1% at $9.28-3/4 a bushel, as of 0020 GMT, after climbing to its highest since June 29 at $9.49-3/4 a bushel on Monday.

* Corn fell 0.1% to $6.97-3/4 a bushel and soybeans lost 0.1% to $13.72-3/4 a bushel.

* Escalation of fighting between Russia and Ukraine has raised worries about wheat supplies from the Black Sea region.

* Ukraine vowed to strengthen its armed forces after Russia launched its biggest aerial assaults on cities since the beginning of the war, forcing thousands to flee to bomb shelters and prompting Kyiv to halt electricity exports to Europe.

* The focus in soybean market is shifting to South America as U.S. harvest progresses.

* Brazilian farmers have sowed an estimated 9.6% of the estimated soybean area, below last year's 10.1% level as erratic weather is disrupting the work in some areas, according to agribusiness consultancy Agrural on Monday.

* Investors are taking positions ahead of the U.S. Department of Agriculture (USDA) monthly World Agricultural Supply and Demand Estimates and Crop Production reports due on Wednesday.

* Traders say the markets are worried that USDA may raise soybean yield or acres in the report, as they have in past years.

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

MARKET NEWS

* The MSCI global index of stocks lost ground in a volatile session on Monday while the dollar gained slightly as investors braced for high inflation data and the start of corporate earnings season.

DATA/EVENTS (GMT) 0600 UK Claimant Count Unem Chng Sept 0600 UK ILO Unemployment Rate Aug 0600 UK HMRC Payrolls Change Sept (Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips)

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