GRAINS-Wheat rebounds, set for biggest weekly loss in one month on Ukrainian supplies
SINGAPORE, Aug 19 (Reuters) - Chicago wheat rose 1% on Friday, rebounding from last session's deep losses, although the market is poised for its biggest weekly decline in a month on Ukrainian exports and slowing demand for U.S. cargoes.
Corn ticked higher while soybeans lost more ground.
* The most-active wheat contract on the Chicago Board of Trade (CBOT) rose 1.1% to $7.57 a bushel, as of 0024 GMT. For the week, the market is down more than 6%, the biggest loss since mid-July.
* Corn has given up almost 4% this week while soybeans have lost 3.4%.
* Shipments of Ukrainian wheat continue to leave Black Sea ports, easing global demand. Twenty-five vessels have left under a U.N.-brokered grain export deal.
* Slowing demand for U.S. wheat weighed on the market. Export sales of U.S. wheat during the week ended Aug. 11 were just 207,200 tonnes, a marketing year low and down 46% from the prior 4-week average.
* Expectations of rain and cooler temperatures in the coming week across parts of the U.S. Midwest is weighing on soybeans and corn.
* However, strong U.S. soybean exports are limiting losses. U.S. exporters sold nearly 1.4 million tonnes of soybeans last week, surpassing analyst expectations.
* U.S. corn exports reached 849,300 tonnes last week, in line with analyst expectations.
* Argentina's corn harvest for the current 2021/2022 season is estimated to reach 52 million tonnes, according to data released by the Buenos Aires Grains Exchange on Thursday, up about 6% from last week's 49 million tonne forecast.
* Dry weather last week favoured the corn crop, the exchange said, while it also raised its calculation of the corn-planted area for the 2021/2022 season to 7.7 million hectares, from 7.3 million previously.
* The International Grains Council on Thursday cut its forecast for 2022/23 global corn output, largely driven by diminished prospects for crops in the European Union and the United States.
* In its monthly update, the inter-governmental body downwardly revised its 2022/23 world corn crop outlook by 10 million tonnes to 1.179 billion tonnes.
* It raised forecast for wheat production in the 2022/23 season by 8 million tonnes to 778 million tonnes.
* Commodity funds were net sellers of CBOT wheat and soyoil futures contracts on Thursday and net buyers of CBOT soybeans, soymeal and corn, traders said.
* Global equity markets were choppy and U.S. Treasury yields fell on Thursday, as uncertainty over the pace of interest rate hikes prevailed among investors after the Federal Reserve's meeting minutes showed officials were determined to curb rising prices.
DATA/EVENTS (GMT, July) 0600 UK Retail Sales MM, YY 0600 UK Retail Sales Ex-Fuel MM (Reporting by Naveen Thukral)
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