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GRAINS-Soybeans near 4-week top as hot weather threatens U.S. crop

SINGAPORE, Aug 1 (Reuters) - Chicago soybean futures rose for a seventh consecutive session on Monday to trade near previous week's highest level since late-June, with forecast of hot and dry weather in parts of the U.S. Midwest raising concerns over supplies.

Wheat rose recouped previous session's losses to edge 1.3% higher, while corn prices were largely flat.

FUNDAMENTALS
The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was up 0.5% at $14.76-1/4 a bushel, as of 0031 GMT, not far from Friday's four-week high of $14.89 a bushel.

Wheat Wv1 added 1.3% to $8.18-1/4 a bushel and corn Cv1 eased half a cent to $6.19-1/2 a bushel.

Despite recent rains and below-normal temperatures across parts of the U.S. Midwest, forecasts are pointing to hot and dry weather in early August, raising concerns for soybean crops during their crucial pod development, as well as for late-planted corn still pollinating.

U.S. exporters reported the sale of 132,000 tonnes of soybeans for delivery to unknown destinations during the 2022/2023 marketing year, the U.S. Department of Agriculture reported on Friday.

The condition of France's maize crop deteriorated sharply for a second consecutive week, data from farm office FranceAgriMer showed, in a sign that dry weather in the European Union's biggest grain maize producer is taking a tolls.

An estimated 68% of the grain maize crop was in good or excellent condition in the week ended July 25, down from 75% the previous week, 83% in the week ended July 11 and 84% in the week to July 4, FranceAgriMer said in a cereal report.

The wheat market is focussed on Ukraine's grain exports through the Black Sea.

Ukraine's president visited a Black Sea port on Friday to show his country is ready to start exporting grain under a U.N.-brokered deal aimed at easing global food shortages, and said Kyiv was awaiting the signal for the first shipment.

On a rare trip out of Kyiv since Russia's Feb. 24 invasion, President Volodymyr Zelenskiy denounced a Russian Black Sea blockade that has prevented Ukraine from exporting grain, contributing to a sharp rise in global grain prices.

China's securities regulator has approved trading of soybean and soyoil options on the Dalian Commodity Exchange, it said on Friday.

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

MARKETS NEWS
U.S. stocks extended their mid-summer rebound on Friday, with the dollar and some longer-term Treasury yields dipping, as Wall Street cheered positive corporate news in spite of increased labor costs and other indicators of continued inflation.
By: via Malaysian Palm Oil Council Russia