FUNDAMENTALS
* The most-active wheat contract on the Chicago Board of
Trade (CBOT) rose 0.6% to $6.99-1/4 a bushel, as of 0110 GMT,
after sliding to its weakest since September 2021 in the last
session.
* Corn rose 0.2% to $6.38-1/4 a bushel and soybeans added 0.1% to $15.30-1/4 a bushel.
* The U.S. Department of Agriculture's (USDA) National
Agricultural Statistics Service in a weekly crop report on
Monday rated 17% of the winter wheat in top producer Kansas in
good to excellent condition, down from 19% a week earlier.
* Gains in wheat prices were limited by expectations that a
grain corridor deal in the Black Sea will be extended.
* Russian wheat prices declined last week, and Turkey's
foreign minister said Ankara is working hard to extend the safe
shipping agreement that enables Ukraine to export grain, which
expires in mid-March.
* The Australian Bureau of Agricultural and Resource
Economics raised its estimate of its 2022/23 wheat harvest to a
record 39.2 million tonnes, from 36.6 million tonnes previously.
* Australia is expected to report record-breaking
agricultural exports in the current financial year, the
government said on Tuesday, after years of high rainfall boosted
yields.
* In the soybean market, the sale of Brazilian crop has
reached 35.4% of the estimated production in the 2022/2023
cycle, according to agribusiness consultancy Safras & Mercado on
Monday, lagging last year's level and the historical average.
* Brazilian farmers had sold 48.5% of their crop at this
time last year, while the five-year average for farmer selling
in the period is 51.7%, Safras said, citing data collected up to
last Friday.
* The USDA confirmed private sales of 110,000 tonnes of U.S.
corn to Japan and another 182,400 tonnes to unknown
destinations, but the volumes fell short of what some traders
expected, given widespread chatter last week of China seeking
corn.
* The agency reported export inspections of U.S. corn in the
latest week at nearly 900,000 tonnes, the biggest weekly tally
since July, but weekly inspections of U.S. soybeans and wheat
fell below trade expectations.
* Traders were positioning ahead of the USDA's monthly
supply/demand report on Wednesday, in which analysts expect the
government to cut its forecasts of Argentina’s soybean and corn
harvests.
* Commodity funds were net buyers of CBOT soybean and
soymeal futures contracts on Monday, traders said. They were net
sellers of CBOT wheat, corn and soyoil contracts. MARKET NEWS
* The S&P 500 closed slightly higher and Treasury yields
reversed at the end of a seesaw session on Monday as investors
looked ahead to U.S. Federal Reserve Chairman Jerome Powell's
congressional testimony and crucial jobs data later in the week. DATA/EVENTS (GMT)
0300 China Exports, Imports YY Feb
0300 China Trade Balance Feb
0330 Australia RBA Cash Rate March
0700 UK Halifax House Prices MM, YY Feb
0745 France Reserve Assets Total Feb
0800 Germany Industrial Orders MM Jan
0800 Germany Manufacturing O/P Cur Price SA Jan
0800 Germany Consumer Goods SA Jan
(Reporting by Naveen Thukral; Editing by Rashmi Aich)
SINGAPORE, March 7 (Reuters) - Chicago wheat futures
rose for the first time in three sessions on Tuesday, as the
market recovered from its lowest in 17 months on support from
dryness curbing U.S. yield potential.
Corn and soybeans edged higher.
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