FUNDAMENTALS
* The most-active wheat contract on the Chicago Board of
Trade (CBOT) was up 0.3% at $6.10-3/4 a bushel, as of 0010
GMT, after dropping on Tuesday to it lowest since early April
2021 at $6.07-1/2 a bushel.
* Corn fell 0.3% to $5.78-1/4 a bushel and soybeans gave up 0.2% to $14.08 a bushel.
* Wheat is facing pressure with forecasts of rains in
parched U.S. Plains. The winter wheat crop rating as of Sunday
was up 2 points from the prior week at 28% "good to excellent",
according to the U.S. Department of Agriculture (USDA).
* The wheat market is awaiting news on extension of the
Black Sea grain export deal.
* Talks on the U.N-brokered deal that may allow the safe
Black Sea export of Ukrainian grain are scheduled later in the
day, with all sides in the negotiations involved, a senior
Ukrainian source said on Tuesday.
* Ukraine's grain exports could fall to around 26 million
tonnes in the 2023/24 season as the grain harvest has sunk,
largely due to Russia's invasion, a senior ministry official
said.
* Soft wheat exports from the European Union in the 2022/23
season that started in July had reached 25.67 million tonnes by
April 30, up 9% compared with 23.46 million a year earlier, data
published by the European Commission showed on Tuesday.
* In the corn market, the USDA said planting was 26%
complete as of Sunday, just below the average analyst estimate
of 27% and matching the five-year average.
* U.S. soybean planting was 19% complete, ahead of the
average analyst estimate of 17% and the five-year average of
11%.
* Commodity funds were net sellers of CBOT grain and soy
futures contracts on Tuesday, traders said. MARKET NEWS
* Wall Street stock indexes closed lower on Tuesday, a day
ahead of the Federal Reserve's interest rate decision, while
U.S. Treasury yields fell as investors worried the government
could run out of cash after June 1 without a debt ceiling hike. DATA/EVENTS (GMT)
0900 EU Unemployment Rate March
1345 US S&P Global Comp, Svcs Final PMIs April
1400 US ISM N-Mfg PMI April
1800 US Federal Open Market Committee announces its decision
on interest rates
(Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips)
SINGAPORE, May 3 (Reuters) - Chicago wheat inched higher
on Wednesday with prices recovering from their lowest levels in
more than two years, although rains in the U.S. winter
wheat-growing areas and ample world supplies kept a lid on the
market.
Corn and soybeans slid as rapidly progressing U.S. planting
weighed on prices.
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