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Wheat futures rise 1% after falling for 4 consecutive
sessions
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Eyes on talks over Black Sea grain export deal renewal
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Crop-friendly weather weighs on corn, soybeans
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USDA report due
(Recasts, adds quote, updates prices)
By Naveen Thukral and Sybille de La Hamaide
SINGAPORE/PARIS, May 12 (Reuters) - Chicago wheat
futures rose on Friday after four consecutive sessions of losses
as bargain-buying supported prices amid uncertainty over the
renewal of the Black Sea grain export deal, although
expectations of ample global supplies capped gains.
Soybeans rose, while corn ticked higher as slowing U.S.
exports kept a lid on prices.
The most-active wheat contract on the Chicago Board of Trade
(CBOT) added 1.2% to $6.35 a bushel by 1030 GMT. Soybeans rose 0.7% to $14.14-3/4 a bushel and corn inched up 0.1%
to $5.83 a bushel.
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.
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
allowing the safe passage of Ukraine grain remain centre stage,
even though plentiful global supplies kept a lid on prices.
"In the short term, wheat prices should remain supported by
the risks surrounding the grains deal between Russia and
Ukraine," Commerzbank said in a note on Friday.
Turkey's Defence Minister Hulusi Akar said on Friday parties to the grain pact were nearing a deal to extend it beyond a May 18 deadline after talks between Ukrainian, Russian, Turkish and United Nations officials.
"So far, the market appears relaxed because both sides are still willing at least to negotiate," Commerzbank added. 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. Prices at 1030 GMT
Last Change Pct Move CBOT wheat 635.00 7.75 1.24 CBOT corn 583.00 0.75 0.13 CBOT soy 1414.75 9.25 0.66 Paris wheat 233.00 1.00 0.43 Paris maize 226.50 -0.50 -0.22 Paris rapeseed 426.25 1.25 0.29 WTI crude oil 70.90 0.03 0.04 Euro/dlr 1.0911 0.000 -0.027 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne
(Editing by Rashmi Aich, Kirsten Donovan)
Messaging: naveen.thukral.thomsonreuters.com@reuters.net))