March 2 (Reuters) - Chicago wheat and corn futures held
firm in Asian trading on Thursday, supported by bargain-buying
following recent falls, while soybeans were little changed.
Ample global supplies and expectations of a renewal of the
Black Sea grain export deal, however, kept wheat's gains in
check.
FUNDAMENTALS
* The most active wheat contract, Chicago Board of Trade
(CBOT) , was up 0.3% at $7.12-1/4 a bushel, as of 0303 GMT.
It dropped to its lowest since September 2021 earlier this week.
* Corn rose 0.6% to $6.39-1/2 a bushel, while soybeans was nearly flat at $14.93-3/4 a bushel.
* Russia said on Wednesday it would only agree to extend the
Black Sea grain deal, which allows grain to be safely exported
from Ukrainian ports, if the interests of its own agricultural
producers are taken into account.
* Feed millers in Asia are boosting corn purchases from
India, as a severe drought has reduced production in traditional
supplier Argentina, two traders said on Thursday.
* The Indian government plans to buy about 34 million tonnes
of new-season wheat from local farmers to shore up state
reserves after purchases dropped last year because of a poor
harvest, two government sources said.
* Brazilian farmers will reap a record soybean crop of
154.663 million tonnes in 2023, exceeding a prior February
estimate of 154.209 million tonnes, according to statement from
StoneX on Wednesday.
* Commodity funds were net buyers of CBOT corn, soybean,
wheat, soymeal and soyoil futures contracts on Wednesday,
traders said. MARKET NEWS
* A rally in Asian shares sputtered on Thursday, pressured
by a pullback in Chinese stocks and higher U.S. yields amid
fears that global central banks would keep raising interest
rates to combat sticky inflation. DATA/EVENTS (GMT)
1000 EU HICP Flash YY Feb
1000 EU HICP-X F, E, A&T Flash YY, MM Feb
1000 EU Unemployment Rate Jan
1330 US Initial Jobless Clm Weekly
(Reporting by Enrico Dela Cruz in Manila; Editing by Sonia
Cheema)
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