FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of
Trade (CBOT) fell half a cent to $14.96-3/4 a bushel, as
of 0008 GMT. Wheat gained 0.3% at $6.75-3/4 a bushel and
corn was flat at $6.51 a bushel.
* Soybean production in Argentina will fall to a 23-year low
and corn production to a five-year low, smaller than previously
thought, as a crop-wasting drought decimated fields in the key
South American producer, the U.S. government said on Tuesday.
* Argentina's soybean harvest was pegged at 27.00 million
tonnes and the corn crop at 37.00 million tonnes, according to
the U.S. Department of Agriculture's monthly World Agricultural
Supply and Demand Estimates report.
* Argentina has endured severe drought while rival corn and
soybean exporter Brazil has seen more favourable conditions.
* In the United States, traders have been grappling with
contrasting weather, with early spring planting slowed by damp,
cold conditions and some winter wheat crops strained by drought.
* Australian wheat plantings are set for a strong start as
better-than-expected rains in parts of the country's grain
growing regions have improved soil moisture, traders and
analysts said.
* After three years of all-time high wheat production,
Australian farmers have started planting the crop this year amid
forecasts of El Nino weather, which typically brings dry weather
across large parts of the country.
* No ships were inspected on Tuesday under the Ukraine Black
Sea grain deal "as the parties needed more time to reach an
agreement on operational priorities," the United Nations said,
adding that routine inspections were due to resume on Wednesday.
* Commodity funds were net sellers of CBOT corn and wheat
futures contracts on Tuesday, traders said. Funds were net
buyers of soybeans, soymeal and soyoil futures, traders said. MARKET NEWS
* A gauge of global stocks rose and bond yields edged higher
on Tuesday as traders anticipate interest rates will soon peak
even as the market bets that the U.S. Federal Reserve will
tighten monetary policy further in May to tame inflation. DATA/EVENTS (GMT)
1230 US Core CPI MM, SA March
1230 US Core CPI YY, NSA March
1230 US CPI MM, SA March
1230 US CPI YY, NSA March
1230 US CPI Wage Earner March
1800 Federal Open Market Committee issues minutes
from its meeting of March 21-22
(Reporting by Naveen Thukral; Editing by Subhranshu Sahu)
SINGAPORE, April 12 (Reuters) - Chicago soybean futures
were largely unchanged on Wednesday, holding on to last
session's gains as the market was supported by the U.S.
government's estimate of lower output in key supplier Argentina.
Wheat rose slightly after closing marginally lower on
Tuesday.
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