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335179

Wheat falls for third day, near five-week low on Black Sea supplies

SINGAPORE, Oct 26 (Reuters) - Chicago wheat slid for a third consecutive session on Wednesday, trading near a five-week low with expectations of higher Black Sea supplies and improved U.S. weather weighing on the market.

Soybeans and corn eased after closing higher on Tuesday.

FUNDAMENTALS

* The most-active wheat contract on the Chicago Board of Trade (CBOT) fell 0.2% to $8.33-1/2 a bushel, as of 0027 GMT, after touching its lowest since Sept. 20 at $8.26-3/4 a bushel on Tuesday.

* Soybeans gave up 0.2% to $13.79-1/4 a bushel and corn lost 0.2% to $6.85 a bushel.

* Sluggish U.S. wheat exports and competitive prices for Russian and Ukrainian supplies have loomed over wheat markets, offsetting worries that a United Nations-backed shipping corridor from Ukraine may not be extended beyond November.

* Ukraine's exports of agricultural products could rise more than 8% in October from last month, the Ukrainian Agrarian Council said on Tuesday.

* Ukraine is keeping its forecast of the winter wheat sowing area for the 2023 harvest unchanged at 3.8 million hectares despite a delay caused by unfavourable weather, deputy agriculture minister Taras Vysotskiy told Reuters on Tuesday.

* Weather forecasts for showers in the coming days in drought-affected wheat zones in Argentina and the U.S. Plains eased supply concerns.

* In the U.S. Midwest, rains will expand across soft red winter wheat fields over the next two days, "significantly improving moisture for establishment" of the crop, Commodity Weather Group said.

* Rains may also deliver a small benefit to the Mississippi River, where low water levels are expected to continue hampering grain shipments, analysts said. Commodity Weather Group projected a "minor uptick" in the flow on the lower Mississippi River.

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

MARKET NEWS

* Wall Street continued its advance on Tuesday as weak data stoked hopes the Federal Reserve will slow its aggressive pace of interest rate hikes and European shares notched a second day of gains as better-than-expected earnings offset economic worries.

DATA/EVENTS (GMT) 0030 Australia CPI QQ, YY Q3 0030 Australia RBA Weighted Medn CPI QQ, YY Q3 0030 Australia RBA Trimmed Mean CPI QQ, YY Q3 1000 France Unemp Class-A SA Sept 1400 US New Home Sales-Units Sept.

(Reporting by Naveen Thukral; Editing by Rashmi Aich)

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