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GRAINS-Wheat firms for second day, soybeans near 10-year peak

SINGAPORE, June 9 (Reuters) - Chicago wheat futures rose for a second session on Thursday, as a lack of progress in talks to resume Ukrainian exports renewed concerns over world grain supplies, underpinning prices.

Soybeans ticked lower, but the market traded near February's 10-year high on expectations of strong demand for U.S. cargoes, while corn eased for the first time in four sessions.

FUNDAMENTALS
The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 rose 0.2% to $10.77-1/4 a bushel, as of 0027 GMT. Soybeans Sv1 dipped 0.1% to $17.38-1/4 a bushel, not far a 2012 high of $17.59 reached in February and corn Cv1 lost 0.2% to $7.62-3/4 a bushel.

Turkish efforts to ease a global food crisis by negotiating safe passage for grain stuck in Black Sea ports met resistance, as Ukraine said Russia was imposing unreasonable conditions and the Kremlin said free shipment depended on an end to sanctions.

The war between Russia and Ukraine, the world's third- and fourth-largest grain exporters respectively, has added to food price inflation and put global food supplies at risk.

Expectations of strong demand for U.S. cargoes supported soybean prices.
In India, the monsoon rains are likely to pick up by mid-June, the chief of the state-run India Meteorological Department (IMD) told Reuters on Wednesday, spurring the sowing of crucial crops such as rice, corn, cotton, soybean, sugarcane and peanuts.

Commodity funds were net buyers of CBOT soybean, soyoil, corn and wheat futures contracts on Wednesday, traders said. They were net sellers of soymeal.

MARKET NEWS
U.S. and European stocks slid on Wednesday as the outlook for rate hikes sullied sentiment, while bond yields rose after euro-zone gross domestic product beat expectations, adding to bets of a more hawkish European Central Bank.
By: via Malaysian Palm Oil Council Russia