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311798

GRAINS-Wheat falls, lingers near 3-month low on ample supply hopes

CANBERRA, March 22 (Reuters) - U.S. wheat futures fell for a fourth consecutive session on Monday, as expectations for bumper global supplies pushed prices towards a near three-month low.

FUNDAMENTALS

* The most active wheat futures on the Chicago Board Of Trade were down 0.2% at $6.25-1/2 a bushel by 0155 GMT, after closing down 0.6% on Friday when prices hit a Dec. 30 low of $6.21-3/4 a bushel.

* The most active soybean futures were down 0.1% to $14.15 a bushel, after firming 1.7% on Friday.

* The most active corn futures were down 0.4% to $5.55-1/2 a bushe, having gained 2.1% in the previous session.

* Wheat was under pressure amid signs of a larger-than-anticipated Russian harvest weighed on prices.

* Market eyes weather in South America and any sign of progress after high-level talks between the United States and China last week.

* The U.S. Department of Agriculture reported 800,000 tonnes in additional U.S. corn sales to China on Friday, taking total sales confirmed this week to nearly 3.9 million tonnes.

MARKET NEWS

* The Turkish lira slumped toward a record low versus the dollar after President Tayyip Erdogan stunned investors over the weekend by replacing the hawkish central bank governor with a critic of high interest rates.

* Oil rose more than 2% in volatile trading on Friday, but finished the week about 7% lower as a new wave of coronavirus infections across Europe dampened hopes that fuel demand would recover soon.

* Asian markets were holding their nerve, as a plunge in the Turkish lira tested risk appetite, with stocks and bonds showing only a limited bid for safe-havens. (Reporting by Colin Packham; Editing by Rashmi Aich)

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