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GRAINS-Wheat set for third monthly gain on global supply worries

SINGAPORE, April 29 (Reuters) - Chicago wheat futures eased on Friday, but the market was poised for a third straight monthly gain as tightening global supplies after Russia's invasion of Ukraine underpinned prices.

Corn was set for a fifth month of gains in a row and the latest support for the market stemmed from forecasts of more showers that will further delay planting in the rain-soaked U.S. Midwest.

FUNDAMENTALS
The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 has risen almost 8% in April. The market was trading down 0.2% at $10.83-1/2 a bushel.

Corn Cv1 has added 8.5% this month, while soybeans Sv1 are up 4.1%.
Russia's invasion of Ukraine has curbed wheat exports from the Black Sea region, a key supplier.

The Biden administration is asking Congress to approve $500 million for the farm sector, in a bid to woo U.S. wheat producers to double-crop their fields, and boost how much the federal government will spend on short-term loans to farmers who grow certain food crops.

Good moisture reserves in soil, an important factor in the healthy development of crops, will benefit the harvest in Russia's main wheat-producing regions this year, state weather forecaster Hydrometcentre said on Thursday.

Signs of strong export demand added support for the corn market. Private exporters reported the sale of 1.088 million tonnes of corn to China, the U.S. Department of Agriculture said.

A weekly report showed corn export sales totalled 1.710 million tonnes, up 35% from a week earlier.

In the edible oil market, Indonesia should be able to tackle its cooking oil shortage in the next few weeks and lift an export ban on palm oil and its refined products in May, an industry body said on Thursday, a day after a last-minute policy U-turn sparked more alarm for markets.

Commodity funds were net buyers of CBOT soyoil and corn contracts on Thursday, traders said. The funds were net sellers of CBOT soybeans, wheat and soymeal.

MARKET NEWS
The U.S. dollar touched a two-decade high against rivals on Thursday, as Wall Street rallied and European shares rose from six-week lows with strong earnings reports offsetting gloomy U.S. economic data.
By: via Malaysian Palm Oil Council Russia