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GRAINS-Wheat extends gains on supply concerns; corn, soybeans ease

SINGAPORE, June 3 (Reuters) - Chicago wheat futures gained more ground on Friday with the market underpinned by concerns over tightening world supplies and rising prices in key consuming countries.

Corn and soybeans slid in early Asian trade.

FUNDAMENTALS
The Chicago Board of Trade (CBOT) most-active wheat contract Wv1 edged up 0.1% to $10.59-3/4 a bushel, as of 0019 GMT, corn dipped 0.2% to $7.28-1/2 a bushel and soybeans fell 0.1% to $17.28-1/4 a bushel.

For the week, wheat is down more than 8%, corn has lost 6% and soybeans have dropped marginally.

The agricultural markets are cautious about the likelihood of a deal over Ukrainian ports while fighting continues in Ukraine and as Moscow seeks sanctions concessions rejected by Kyiv and its Western allies.

Prices had eased earlier this week on expectations of resumption in Black Sea supplies.

U.N. aid chief Martin Griffiths is in Moscow to discuss clearing the way for exports of grain and other food from Ukraine's Black Sea ports, a U.N. spokesperson said.

Griffiths will meet Russian officials days after another senior U.N. official, Rebecca Grynspan, had "constructive" talks in Moscow with Russian First Deputy Prime Minister Andrei Belousov on expediting Russian grain and fertilizer exports.

Chinese consumers are likely to have to pay more for food staples like noodles and bread this year, as record wheat prices in the world's top consumer of the grain get passed on to food makers, traders and analysts said.

Argentina's wheat planting area for the 2022/23 season is expected to be around 6.5 million hectares, down from previous forecast of 6.6 million hectares, the Buenos Aires Grains Exchange said on Thursday.

The exchange blamed the 100,000 hectare (247,000 acre) reduction on dry conditions in northern Argentina, with no rains seen in short-term forecasts. The exchange said previously that high fertilizer prices and rising input costs are also having negative effects on the new wheat season.

India has allowed wheat shipments of 469,202 tonnes since banning most exports last month, but at least 1.7 million tonnes is lying at ports and could be damaged by looming monsoon rains, government and industry officials told Reuters.

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

MARKETS NEWS
Global equity markets rose while U.S. yields were lower on Thursday after lower-than-expected private payrolls data stirred hopes that the American economy was likely cooling and the Federal Reserve might be persuaded to modify its aggressive stance on interest rates and inflation.
By: via Malaysian Palm Oil Council Russia