FUNDAMENTALS
* The most-active wheat contract on the Chicago Board of
Trade fell 0.6% to $7.06-1/4 a bushel, as of 0024 GMT and
corn lost 0.3% to $6.32-1/2 a bushel.
* Soybeans eased 0.1% to $14.75 a bushel.
* The deal allowing the safe Black Sea export of Ukrainian
grain was renewed on Saturday for at least 60 days - half the
intended period - after Russia warned any further extension
beyond mid-May would depend on the removal of some Western
sanctions.
* The pact was brokered with Russia and Ukraine by the
United Nations and Turkey in July and renewed for a further 120
days in November. The aim was to combat a global food crisis
that was fuelled in part by Russia's Feb. 24, 2022, invasion of
Ukraine and Black Sea blockade.
* Brazil's National Energy Policy Council on Friday raised
the country's mandatory blend of biodiesel in diesel to 12%
starting in April, Mines and Energy Minister, Alexandre Silveira
said.
* The measure is expected to favour mainly the soybean
processing industry, since about 65% of the total biodiesel was
produced with soyoil in 2022.
* Large speculators switched to a net short position in
Chicago Board of Trade corn futures in the week to March 7,
regulatory data released on Thursday showed.
* The Commodity Futures Trading Commission's weekly commitments of traders report also showed that noncommercial traders, a category that includes hedge funds, increased their net short position in CBOT wheat and raised their net long position in soybeans.
MARKET NEWS
* U.S. stock futures rose in Asian trade on Monday in relief
at a weekend rescue deal for Credit Suisse, though the mood was
nervous and financial shares remained under pressure from
contagion fears, even with support from global central banks. DATA/EVENTS (GMT)
0115 China Loan Prime Rate 1Y, 5Y March
1000 EU Total Trade Balance SA Jan
(Reporting by Naveen Thukral; Editing by Rashmi Aich)
