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336134

GRAINS-Wheat rises for 3rd session on strong demand, market eyes Russia-Ukraine deal

SINGAPORE, Nov 15 (Reuters) - Chicago wheat futures rose on Tuesday as strong global export demand underpinned the market, while traders continued to monitor prospects for the renewal of an export corridor deal between Russia and Ukraine.

Corn ticked lower, while soybeans firmed.

FUNDAMENTALS

* The most-active wheat contract on the Chicago Board of Trade (CBOT) rose 0.1% to $8.19-1/4 a bushel, as of 0114 GMT, extending gains to a third session. Corn lost 0.1% to $6.56-1/2 a bushel and soybeans inched higher to $14.41 a bushel.

* Saudi state buyer SAGO on Monday said it had bought just over 1 million tonnes of wheat in an international tender, with traders suggesting Russian wheat may be used to cover a large part of the optional-origin purchase.

* The Kremlin said on Monday that talks with the United Nations last week on a deal safeguarding the shipment of grain from Ukrainian ports had been "fairly constructive", raising hopes that it can be rolled over smoothly.

* Senior U.N. officials met a Russian delegation in Geneva on Friday to discuss Moscow's grievances about the Black Sea grain initiative, which has lifted a Russian blockade of Ukraine's seaports.

* Private analytics firm HIS Markit Agribusiness, part of S&P Global Commodity Insights, on Monday projected an increase in U.S. corn plantings for 2023, according to portions of an HIS client note seen by Reuters.

* The firm projected U.S. 2023 corn plantings at 91.968 million acres, the document showed, up some 25,000 acres from its October forecast and up from the 88.608 million corn acres that farmers planted in 2022.

* Rains in Argentina's farm belt over the weekend will allow farmers to speed up the delayed planting of soybeans, analysts at the country's two major grain exchanges said on Monday, a boost for the world's top soy oil and meal exporter.

* Argentina's 2022/23 farming campaign has been hit by a severe lack of rainfall, stretching back as far as May in some areas, making field work difficult and ravaging the wheat crop while forcing farmers to delay soy planting.

* Large speculators cut their net long position in CBOT corn futures in the week to Nov. 8, regulatory data released on Monday showed. The Commodity Futures Trading Commission's weekly commitments of traders report also showed that noncommercial traders, a category that includes hedge funds, increased their net short position in CBOT wheat and cut their net long position in soybeans.

MARKET NEWS

* A gauge of global stocks ended lower on Monday in choppy trade and U.S. bond yields rose as investors assessed comments from Federal Reserve officials to try and determine the central bank's path of rate hikes.

DATA/EVENTS (GMT) 0200 China Urban Investment (YTD) YY Oct 0200 China Retail Sales YY Oct 0200 China Unemp Rate Urban Area Oct 0700 UK Claimant Count Unem Chng Oct 0700 UK ILO Unemployment Rate Sept 0700 UK HMRC Payrolls Change Oct 0745 France CPI (EU Norm) Final MM, YY Oct 1000 EU Total Trade Balance SA Sept 1000 EU GDP Flash Estimate QQ, YY Q3 1000 Germany ZEW Economic Sentiment Nov 1000 Germany ZEW Current Conditions Nov 1100 EU Reserve Assets Total Oct 1330 US PPI Machine Manuf'ing Oct (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)

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