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GRAINS-Corn jumps to 2-month high as dryness curbs U.S. yields

SINGAPORE, Aug 29 (Reuters) - Chicago corn futures rose for a second session on Monday to their highest in two months after a U.S. crop tour forecast lower production, raising concerns over global supplies.

Wheat gained more ground, while soybeans eased.

FUNDAMENTALS
The most-active corn contract on the Chicago Board of Trade (CBOT) CV1 added 0.8% to $6.69-1/2 a bushel, as of 0022 GMT, after climbing to its highest since June 24 at $6.74 a bushel.

Wheat Wv1 rose 0.5% to $8.09-1/2 a bushel and soybeans Sv1 lost 0.7% to $14.50-3/4 a bushel.

Advisory service Pro Farmer projected a U.S. corn harvest of 13.759 billion bushels, which would be the smallest since 2019 and below government forecasts for 14.359 billion bushels.

Pro Farmer predicted a soybean crop of 4.535 billion bushels, slightly bigger than the U.S. Department Agriculture outlook for a record 4.531 billion bushels.

Ukraine's 2022 wheat harvest is 98% complete at 18.8 million tonnes in spite of the war in the country's east and south, data from Ukraine's agriculture ministry showed.

Ukraine, a major global grain grower and exporter, harvested a record 86 million tonnes of grain in 2021 including 42.1 million tonnes of corn and 32.2 million tonnes of wheat.

India, the world's biggest rice exporter, is considering whether to restrict exports of 100% broken rice, government and industry officials told Reuters on Friday, after the paddy area has been reduced by a lack of rainfall.

The potential export curbs could lift rice prices globally because India accounts for more than 40% of the world's rice shipments. It could also hit a few poor African countries that import 100% broken rice for human consumption, though that variety is mainly used for feed purposes.

Large speculators raised their net long position in CBOT corn futures in the week to Aug. 23, regulatory data released on Friday showed.

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

MARKET NEWS
Asian shares slid on Monday, as the mounting risk of more aggressive rate hikes in the United States and Europe shoved bond yields higher and tested equity and earnings valuations.
By: via Malaysian Palm Oil Council Russia