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GRAINS-Soybeans hovers near record high as U.S. cuts supply outlook

SINGAPORE, June 13 (Reuters) - Chicago soybean futures gained ground on Monday, with the market rising for five out of six sessions and trading close to last week's all-time high, supported by a U.S. forecast of lower inventories.

Wheat jumped 1.5% as concerns over supplies from the Black Sea region underpinned prices, while corn rose after closing largely unchanged on Friday.

FUNDAMENTALS
The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 added 0.1% to $17.47 a bushel of 0009 GMT, not far from Thursday's record high of $17.84 a bushel.

Wheat Wv1 rose 1.5% to %10.86 a bushel and corn Cv1 gained 0.7% to $7.78-1/2 a bushel.

U.S. soybean stocks will be smaller than previously forecast, as export demand for U.S. offerings remains strong even with recently harvested supplies from Brazil and Argentina available for overseas buyers, the government said on Friday.

The U.S. Department of Agriculture (USDA) lowered its outlook for 2021/22 ending stocks of soybeans to 205 million bushels from 235 million. For the 2022/23 marketing year, the soybean stocks estimate was cut to 280 million from 310 million.

Corn ending stocks were pegged at 1.485 billion bushels for 2021/22 and 1.400 billion for 2022/23, with the export outlook for the 2021/22 marketing year cut by 50 million bushels to 2.450 billion bushels.

The agency projected 2022/23 ending stocks of wheat at 627 million bushels, up 6 million bushels from a month earlier.

A lack of grain supplies from war-torn Ukraine continued to support global wheat prices.

The condition of France's soft wheat crop deteriorated for a sixth consecutive week, data from farm office FranceAgriMer showed, but a smaller decline in the latest week suggested rain and cooler temperatures may be curbing spring drought.

An estimated 66% of the French soft wheat crop was in good or excellent condition in the week to June 6, against 67% the previous week, FranceAgriMer said in a cereal crop report on Friday.

Large speculators cut their net long position in CBOT corn futures in the week to June 7, regulatory data released on Friday showed.

The Commodity Futures Trading Commission's weekly commitments of traders report also showed that noncommercial traders, a category that includes hedge funds, increased their net short position in CBOT wheat and cut their net long position in soybeans.

MARKET NEWS
Global equity markets slumped and the dollar strengthened on Friday after a bigger-than-expected U.S. inflation spike in May raised concerns the Federal Reserve may tighten policy for too long and cause a sharp slowdown.
By: via Malaysian Palm Oil Council Russia