FUNDAMENTALS
* The most-active wheat contract on the Chicago Board of
Trade (CBOT) added 0.9% to $6.32-3/4 a bushel as of 0021 GMT.
Soybeans rose 0.2% to $14.08-1/2 a bushel and corn gained quarter of a cent at $5.82-1/2 a bushel.
* For the week, wheat is down 4.2%, corn has given up 2.3%
and soybeans have lost 2%. All three market closed higher last
week.
* Falling demand for U.S. supplies is weighing on prices.
The U.S. Department of Agriculture (USDA) said on Thursday that
weekly export sales of corn totalled just 340,400 tonnes.
* Wheat export sales were 359,900 tonnes and soybean export
sales came in at 112,300 tonnes.
* The USDA will release its closely watched monthly World
Agricultural Supply and Demand Estimates report on Friday, which
will include forecasts for the 2023/24 marketing year for the
first time.
* Analysts were expecting the report to show that supplies
of corn and soybeans will rise sharply in the coming year.
* In the wheat market, talks over the Black Sea export deal
remain at the centre stage, even though plentiful global
supplies keeping a lid on prices.
* Ukraine, Russia, Turkey and the United Nations discussed
on Thursday U.N. proposals to extend a deal allowing the safe
Black Sea export of Ukraine grain, which Moscow has threatened
to quit on May 18 over obstacles to its grain and fertilizer
exports.
* Argentina's average soybean yield for the 2022/23 season
fell in the last week, the Buenos Aires grains exchange said
Thursday, as the ongoing harvest showed the toll of a historic
drought that has crippled the country's critical agriculture
sector.
* Current production for the 2022/23 soybean season is
estimated at 22.5 million tonnes, much lower than the 48 million
tonnes forecast at the beginning of the season in September.
* However, Conab, Brazil's food supply and statistics
agency, has raised its forecast for Brazilian soybean and corn
production, citing favourable conditions in spite of the effects
of the La Niña weather pattern, which caused drought in the
south of the country early in the season.
* In its May forecast report released on Thursday, Conab
predicted Brazilian farmers will harvest a record 154.8 million
tonnes of soybeans, 23.3% more than in the previous season, and
a record 125.5 million tonnes of corn, 11% above last year.
* Commodity funds were net sellers of CBOT corn, wheat and
soyoil futures contracts on Thursday, traders said. They were
net buyers of soymeal, and net even in soybeans. MARKET NEWS
* A gauge of global stock performance slid on Thursday after
U.S. jobless claims and a modest rise in producer prices
suggested a slowing economy, which also pushed Treasury yields
lower as it could allow the Federal Reserve to stop raising
interest rates. DATA/EVENTS (GMT)
0600 UK GDP Est 3M/3M March
0600 UK GDP Estimate MM, YY March
0600 UK GDP Prelim QQ, YY Q1
0600 UK Manufacturing Output MM March
0645 France CPI (EU Norm) Final MM, YY April
1230 US Import Prices YY April
1400 US U Mich Sentiment Prelim May
(Reporting by Naveen Thukral; Editing by Rashmi Aich)
SINGAPORE, May 12 (Reuters) - Chicago wheat futures rose
for the first time in five sessions on Friday as bargain-buying
supported prices, although gains were capped by expectations of
ample global supplies.
Soybeans edged higher, while corn was largely unchanged as
slowing U.S. exports kept a lid on prices.
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