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335915

GRAINS-Wheat firms ahead of U.S. supply-demand report; soybeans, corn flat

SINGAPORE, Nov 9 (Reuters) - Chicago wheat futures rose for the first time in three sessions on Wednesday on positioning ahead of widely followed U.S. government forecasts on supply and demand due later in the day.

Soybeans and corn were largely listless after closing lower on Tuesday.

FUNDAMENTALS

* The most-active wheat contract on the Chicago Board of Trade (CBOT) was up 0.2% at $8.29-1/2 a bushel, as of 0108 GMT. Corn was flat at $6.67-1/2 a bushel and soybeans held ground at $14.46-1/2 a bushel.

* Traders are adjusting positions ahead of the U.S. Department of Agriculture's (USDA) monthly supply and demand report due to 1700 GMT.

* Analysts polled by Reuters expect the agency to keep its U.S. corn and soy yield estimates unchanged, but raise its estimates for U.S. wheat, corn and soybean ending stocks.

* Ukraine wants the Black Sea grain export deal expanded to include more ports and goods, and hopes a decision to extend the agreement for at least a year will be taken next week, Ukraine's deputy infrastructure minister said on Tuesday.

* The deal, which eased a global food crisis by unblocking three major Ukrainian ports during Russia's invasion, expires on Nov. 19 and briefly appeared imperilled last month when Moscow suspended its participation in the deal before rejoining again.

* Uncertainty about the economy and COVID-19 restrictions in China, the world's biggest soybean importer, loomed over soy futures, analysts said.

* The USDA through its daily reporting system said exporters had sold 138,700 tonnes of U.S. soybeans to China; 144,000 tonnes of U.S. soybeans to Mexico; and 132,000 tonnes of U.S. soybeans to unknown destinations. Mexico also bought 338,600 tonnes of U.S. corn.

* France's farm ministry on Tuesday reduced its forecast for the country's drought-affected 2022 grain maize harvest, confirming its expectation for the smallest crop since 1990.

* Argentine farmers sold as of last week about 72% of the current soybean harvest, government data showed on Tuesday, a key crop especially important since it helps generate much-needed hard currency for the country's cash-strapped government.

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

MARKET NEWS

* U.S. stocks gyrated to a higher close on Tuesday, and Treasury yields edged lower as Americans went to the polls and market participants bided their time waiting to see whether Capitol Hill is in for a power shift.

DATA/EVENTS (GMT) 0130 China PPI, CPI YY Oct Governing Council of the ECB holds non-monetary policy meeting in Frankfurt (Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips)

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