FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of
Trade (CBOT) was down 0.1% at $14.73-3/4 a bushel, as of
0023 GMT, corn gave up 0.2% to $6.48-1/4 a bushel and
wheat slid 0.5% to $6.88-3/4 a bushel.
* For the quarter, soybeans are down more than 3%, corn has
lost 4.5% and wheat is down almost 13%.
* Soybeans and corn futures are under pressure ahead of
Friday's planting intentions and quarterly stocks reports from
the U.S. Department of Agriculture (USDA).
* Analysts surveyed by Reuters on average expect the USDA to
project total U.S. 2023 corn plantings at 90.9 million acres, up
from 88.6 million a year ago, but down slightly from the 91
million acres that the USDA forecast at its February Outlook
Forum.
* For soybeans, analysts on average expect the USDA to
estimate total U.S. 2023 soybean plantings at 88.2 million
acres, up from 87.5 million a year ago and above the USDA's
February Outlook Forum forecast of 87.5 million.
* In the wheat market, pressure stemmed from plentiful
global supplies.
* European Union production of common wheat will total 130.9
million tonnes in 2023, up from 126 million tonnes the previous
year, the European Commission projected.
* Global grain trader Viterra's management team in Russia
plans to create an independent Russian grain exporter once the
company ceases export activities in the country, Nikolai
Demyanov, the head of its Russian office, told Reuters on
Thursday.
* Russia's agriculture ministry said Viterra's decision will
not affect the amount of Russia's grain exports.
* Viterra's announcement comes a day after rival Cargill
said it would take a further step back from the Russian grain
market.
* Argentina's Buenos Aires grains exchange maintained its
2022/2023 harvest forecasts for both soy and corn on Thursday,
after making consecutive sharp cuts in recent months amid
historic drought.
* The exchange expects a soy harvest of 25 million tonnes
and 36 million tonnes of corn for the 2022/2023 cycle.
* Commodity funds were net sellers of CBOT wheat, soyoil,
soybean and corn futures contracts on Thursday and net buyers of
soymeal futures, traders said. MARKET NEWS
* Stock indexes advanced on Thursday, but finished below
their session highs while the dollar declined as investors
turned their focus to upcoming inflation data and the outlook
for interest rate hikes. DATA/EVENTS (GMT)
0130 China NBS Manufacturing PMI March
0600 UK GDP QQ, YY Q4
0600 UK Nationwide house price MM, YY March
0645 France CPI (EU Norm) Prelim YY March
0645 France Producer Prices YY Feb
0755 Germany Unemployment Rate, Chg SA March
0900 EU HICP Flash YY March
0900 EU HICP-X F, E, A, T Flash MM, YY March
0900 EU Unemployment Rate Feb
1230 US Consumption, Adjusted MM Feb
1230 US Core PCE Price Index MM, YY Feb
1230 US PCE Price Index MM, YY Feb
1400 US U Mich Sentiment Final March
(Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips)
