GRAINS-Wheat futures retreat after nearing three-month high at CBOT
U.S. wheat crop cut fuels supply doubts as Ukraine war escalates
Corn rises on lower than expected U.S. stocks estimate
Traders await weekly USDA crop-progress data
(Adds latest prices, changes byline, pvs dateline PARIS/SINGAPORE)
By Tom Polansek
CHICAGO, Oct 3 (Reuters) - Chicago Board of Trade wheat futures fell on profit-taking on Monday after approaching a three-month high reached the previous session, traders said.
The setback in wheat futures came after a reduced official estimate of the U.S. harvest and heightened tensions in the Ukraine war put renewed attention on global supply risks.
Soybean futures, meanwhile, rose after falling to their lowest in about two months earlier in the session and on Friday, when the U.S. Department of Agriculture issued data on quarterly stocks.
"Prices have stabilized a bit after the sharp price break Friday," said Tomm Pfitzenmaier, analyst for Summit Commodity Brokerage.
The most-active CBOT wheat contract was down 5-3/4 cents at $9.15-3/4 by 12:50 p.m. CDT (1750 GMT). On Friday, the contract reached $9.45-3/4, its highest price since June 29.
CBOT corn rose 1-1/2 cents to $6.79 a bushel. Soybeans were up 8-1/2 cents at $13.73-1/4 a bushel, after falling earlier to $13.61-1/4, the lowest price since Aug. 4.
The U.S. Department of Agriculture said on Friday the 2022 U.S. wheat harvest was smaller than previously forecast and cut its crop assessment below analysts' expectations to 1.650 billion bushels.
In a separate quarterly stocks report, the USDA on Friday reported U.S. corn inventories were below analysts' expectations and soybean inventories topped estimates. The larger-than-expected soybean stocks added pressure to a soy market already under pressure from competition from South American supplies.
Traders are awaiting a weekly USDA update on the corn and soy harvests due at 3 p.m. CDT (2000 GMT) on Monday. The weekly crop-progress report should show the U.S. corn harvest as 22% complete and the soybean harvest as 20% complete, according to analysts polled by Reuters.
"An adequate U.S. soybean crop along with an expected and potentially record large South American crop will make it difficult for soybeans to maintain rallies," Pfitzenmaier said. (Reporting by Tom Polansek in Chicago, Gus Trompiz in Paris and Naveen Thukral in Singapore; Editing by Sherry Jacob-Phillips, Subhranshu Sahu, David Evans and Richard Chang)
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