GRAINS-WHEAT FIRMS FOR SECOND SESSION ON BLACK SEA SUPPLY WOES：CORN EASES
SINGAPORE, Oct 27 (Reuters) – Chicago wheat futures gained more ground on Thursday, with slowing exports from the Black Sea region amid the Russian-Ukraine war raising concerns about world supplies.
Corn edged lower, while soybeans rose.
* The most-active wheat contract on the Chicago Board of Trade (CBOT) rose 0.1% to $8.41 a bushel, as of 0010 GMT.
* Corn lost 0.1% to $6.84-1/2 a bushel and soybeans added 0.1% to $13.83-1/4 a bushel.
* Concerns about Ukrainian grain exports mounted as data from the country’s farm ministry showed that shipments have slowed over the past 10 days, with volumes so far this month 9% behind the same period last year.
* Ukraine on Sunday said Russia was blocking the full implementation of a Black Sea grain export deal, forcing Ukrainian ports to work at 25% to 30% percent of their capacity.
* The agreement, brokered by the United Nations and Turkey in July, paved the way for Ukraine to resume grain exports from Black Sea ports that had been shut since Russia invaded in February.
* United Nations aid chief Martin Griffiths said on Wednesday that he was “relatively optimistic” that a U.N.-brokered deal that allowed a resumption of Ukraine Black Sea grain exports would be extended beyond mid-November.
* Griffiths travelled to Moscow with senior U.N. trade official Rebeca Grynspan earlier this month for discussions with Russian officials on the deal, which also aims to facilitate exports of Russian grain and fertilizer to global markets.
* Argentina’s 2022/23 wheat harvest will come in at 13.7 million tonnes, the Rosario grain exchange said on Wednesday, a sharp cut from its previous forecast of 15 million tonnes amid a protracted drought that has hammered farmers in the country.
* Commodity funds were net sellers of CBOT corn and soymeal futures contracts on Wednesday and net buyers of wheat and soyoil futures, traders said. Funds were seen as net even in soybeans.
* U.S. shares were mixed and world equities eased off a five-week peak on Wednesday, as the dollar’s decline boosted commodities and pressured Treasury yields.
DATA/EVENTS (GMT) 1215 EU ECB Refinancing Rate Oct 1215 EU ECB Deposit Rate Oct 1230 US Durable Goods Sept 1230 US GDP Advance Q3 1230 US Initial Jobless Clm Weekly The Governing Council of the ECB holds monetary policy meeting in Frankfurt (Reporting by Naveen Thukral; Editing by Rashmi Aich)
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