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GRAINS-U.S. wheat, corn futures retreat, soybeans extend gains

May 18 (Reuters) - U.S. wheat futures fell in early Asian trading on Wednesday on profit-taking after two sessions of gains, but soybeans edged higher to hit a more than two-week high, while corn was on track for a second session of decline.

FUNDAMENTALS
The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was down 1.7% at $12.56 a bushel, as of 0123 GMT.

CBOT wheat had climbed more than 8% over the past two days after India unexpectedly banned exports of the grain and following a U.S. Department of Agriculture report late Monday indicating worsening condition of the U.S. winter crop.

CBOT soybeans Sv1 edged up 0.1% to $16.79 bushel, extending gains into a seventh session.

CBOT corn Cv1 shed 0.3% to $7.98-1/2 a bushel, retreating after touching a two-week high on Monday.

About 300,000 tonnes of Ukrainian wheat booked by Egypt's state grains buyer for delivery in February and March is yet to be shipped, with one cargo stuck in port and four others still to be loaded, four traders said.

India will allow overseas wheat shipments awaiting customs clearance, the government said on Tuesday, introducing some leeway for overseas sales after it banned exports of the staple on Saturday.

Ukraine is making progress in developing grain exports over land to the EU but will need to regain sea access blocked by Russia's invasion to avert a worsening crisis for food importing countries, its deputy economy minister said on Tuesday.

Crop scouts on the first day of an annual three-day tour of Kansas projected an average yield for hard red winter wheat in the northern portion of the drought-hit state at 39.5 bushels per acre, down from 59.2 bushels in 2021.
By: via Malaysian Palm Oil Council Russia