FUNDAMENTALS
* The most-active wheat contract on the Chicago Board of
Trade (CBOT) slid 0.2% to $6.64-3/4 a bushel, as of 0138
GMT, corn added 0.2% to $6.12-1/2 bushel and soybeans lost 0.1% to $15.09-1/2 a bushel.
* The wheat market is down for a fourth week, having lost
more than 15% during the period, soybeans have given up less
than 1% this week and corn is down more than 4%.
* The U.S. wheat market has been under pressure from Russian
export competition and expectations that the wartime grain
corridor from Ukraine will be extended beyond this month,
increasing available global supplies.
* However, Russia on Thursday said the deal to ensure safe
exports of grain from Ukraine's Black Sea ports was only being
"half-implemented", raising doubts about whether it would allow
an extension of the agreement.
* La Niña has ended and ENSO-neutral conditions are expected
to continue through the Northern Hemisphere spring and early
summer of 2023, a U.S. government weather forecaster said on
Thursday, with El Niño possibly forming during summer 2023 and
persisting through the fall.
* El Nino is a warming of ocean surface temperatures in the
eastern and central Pacific which could boost precipitation,
brightening the outlook for U.S. crops.
* Extreme drought continues to reduce soybean and corn
yields in Argentina.
* The country's soybean production for the 2022/2023
harvesting season is estimated at 29 million tonnes, down from
33.5 million tonnes previously estimated, the Buenos Aires
grains exchange said on Thursday.
* The exchange cut its estimate for 2022/23 corn production
to 37.5 million tonnes, down from the 41 million tonnes
previously expected.
* Commodity funds were net sellers of CBOT corn, wheat,
soyoil and soybean futures contracts on Thursday, traders said.
Funds were net buyers of CBOT soymeal futures, traders said. MARKET NEWS
* Wall Street slid sharply on Thursday, pulled lower by bank
stocks and jitters ahead of Friday's employment report, while
Treasury yields dropped on signs that the Federal Reserve's
restrictive policy is beginning to work as intended. DATA/EVENTS (GMT)
0700 Germany HICP Final YY Feb
0700 UK GDP Est 3M/3M Jan
0700 UK GDP Estimate MM, YY Jan
0700 UK Manufacturing Output MM Jan
1330 US Non-Farm Payrolls Feb
1330 US Unemployment Rate Feb
(Reporting by Naveen Thukral; editing by Eileen Soreng)
SINGAPORE, March 10 (Reuters) - Chicago wheat lost more
ground on Friday with the market poised for its fourth week of
decline on growing expectations of a Black Sea deal which will
allow Ukraine to continue shipping grains.
Corn and soybeans were also on track for a weekly drop,
although losses were limited by a severe drought dragging down
yields in key supplier Argentina.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.