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Wheat, corn get boost on Black Sea grains uncertainty
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Black Sea grain talks continue, uncertainty prevails
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Soy dips on sharp fall in stock, oil markets pressure
(Updates prices, adds quotes, changes byline, changes dateline
from previous SINGAPORE/PARIS)
By Cassandra Garrison
CHICAGO, March 15 (Reuters) - Chicago wheat and corn
futures gained on Wednesday on strong demand and uncertainty
over a Black Sea grain export deal as a deadline loomed, while
soybeans edged lower.
Soybeans followed stock and oil markets down after Credit Suisse's largest investor said it could not provide the Swiss bank with more financial assistance, and as Brazil's harvest of a massive crop progressed. The most active wheat contract on the Chicago Board of Trade (CBOT) was up 0.47% to $6.99-1/2 a bushel at 1030 CDT (1530 GMT), after hitting $7.06 earlier, the highest since March 6. Corn added 0.6% to $6.24-1/4 a bushel. Soybeans fell 0.4% to $14.88 a bushel. Farmers in Brazil, the world's top soybean exporter, have harvested over half of an expected record crop, according to analysts.
"They've got a lot of soybeans to get rid of," said Jack Scoville, analyst with the Price Futures Group in Chicago.
Talks continued to extend the deal to allow grain shipments from Ukraine's Black Sea ports ahead of a deadline later this week, after Kyiv rejected a Russian push for a reduced 60-day renewal.
Turkey said it would continue discussions to extend the deal for 120 days rather than 60 days while the German government on Wednesday joined calls for Moscow to extend the deal beyond 60 days. Russia and Ukraine are among the world's largest corn and wheat exporters and the creation of the corridor has helped cool global food commodity prices that hit record highs after Russia invaded Ukraine a year ago. The U.S. Department of Agriculture also confirmed sales of 667,000 tonnes of U.S. corn to China for 2022/23 delivery, a day after private sales of 612,000 tonnes of U.S. corn to China. (Reporting by Cassandra Garrison, Naveen Thukral; Editing by Shilpi Majumdar and Mark Potter)
Messaging: naveen.thukral.thomsonreuters.com@reuters.net))