GRAINS-U.S. soybean and corn futures rise; wheat weak

(Updates with U.S. trading, adds new analyst quote; pvs SINGAPORE/PARIS) By Mark Weinraub CHICAGO, March 3 (Reuters) - U.S. soybean futures rose for the third day in a row on Friday, supported by expectations that the soy crop in Argentina is smaller than estimated due to damage from drought conditions in the key global supplier. Corn futures were firm, with traders saying that the market was technically oversold after the most-active contract sank to its lowest since August on Wednesday. Wheat futures were weaker, easing on hopes that grain exports from Ukraine's Black Sea ports will continue to be shipped even amid concerns about the renewal of the deal with Russia that is set to expire in the coming weeks. Traders were staking out positions ahead of the U.S. Agriculture Department's monthly World Agricultural Supply and Demand Estimates report that will be released on March 8.

Analysts had forecast reductions in U.S. soybean supplies due to rising demand and a smaller harvest outlook for Argentina. "Most people believe that the WASDE report is going to show a huge cut in the Argentinian soybean crop," said Mark Gold, managing partner at Top Third Ag Marketing.

At 10:36 a.m. CST (1636 GMT), Chicago Board of Trade May soybean futures were up 12-3/4 cents at $15.22 a bushel, on track for a weekly gain of 0.2%. CBOT May corn was up 5 cents at $6.38-3/4 a bushel and CBOT May soft red winter wheat was down 3-1/4 cents at $7.09-1/2 a bushel. Corn futures have fallen 1.6% so far this week and wheat futures were down 1.7%.

Ukraine sees no need to limit wheat exports for the upcoming 2023/24 July-June season, as the winter harvest looks to be larger than expected, albeit smaller than in peacetime, a top agriculture ministry official said on Thursday. (Additional reporting by Matthew Chye in Singapore and Sybille de La Hamaide in Paris; Editing by Kirsten Donovan)

Messaging: mark.weinraub.thomsonreuters.com@reuters.net))

Reuters

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GRAINS-U.S. soybean and corn futures rise; wheat weak

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