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GRAINS-Wheat rebounds on doubts over Ukrainian exports, corn firms

SINGAPORE, July 25 (Reuters) - Chicago wheat futures rose more than 2% on Monday, with the market recouping some of last session's deep losses on concerns over supplies from the Black Sea region, despite a Russia-Ukraine deal.
Corn rose 1.2%, while soybeans gained 0.6%.

FUNDAMENTALS
The most-active wheat contract on the Chicago Board of Trade Wv1 (CBOT) added 2.4% to $7.77-1/4 a bushel, as of 0057 GMT.

Corn Cv1 gained 1.2% at $5.71 a bushel and soybeans Sv1 rose 0.6% to $13.23-1/2 a bushel.

Ukraine pressed ahead on Sunday with efforts to restart grain exports from its Black Sea ports under a deal aimed at easing global food shortages but warned deliveries would suffer if a Russian missile strike on Odesa was a sign of more to come.

President Volodymyr Zelenskiy denounced Saturday's attack as "barbarism" that showed Moscow could not be trusted to implement a deal struck just one day earlier with Turkish and United Nations mediation.

However, Russia's Foreign Minister Sergei Lavrov offered reassurances over Russian grain supplies to Egypt during a visit to Cairo on Sunday, amid uncertainty over a deal to resume Ukrainian exports from the Black Sea.

Egypt is one of the world's top wheat importers and last year bought about 80% of those imports from Russia and Ukraine. Russia's Feb. 24 invasion of Ukraine disrupted shipments and sped up a rise in global commodity prices, delivering a financial shock to Egypt.

Buyers from China purchased large volumes of Australian and French wheat this week in a sign that the Asian country is taking advantage of a recent dip in prices to fill its large needs, European traders said on Friday.

Soybean exports from Brazil are expected to total 91.5 million tonnes in 2023, up from the 77.2 million estimated for 2022, as the world's biggest supplier prepares to plant a super crop.

The projection, made by private consultancy Safras & Mercado on Friday, reflects bullish yield and acreage forecasts for the next season, which comes after one in which a drought spoiled part of the crop.

Large speculators cut their net long position in CBOT corn futures in the week to July 19, 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, trimmed their net short position in CBOT wheat and cut their net long position in soybeans.

MARKET NEWS
A gauge of global stocks fell on Friday to end the trading week on a down note after five straight sessions of gains, while the dollar dipped against a basket of major currencies after soft data on U.S. business activity.
By: via Malaysian Palm Oil Council Russia