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GRAINS-Corn, soybeans extend losses; wheat eases from 5-month peak

SINGAPORE, July 26 (Reuters) - Chicago corn and soybean futures lost more ground on Wednesday with U.S. forecasts for much-needed rains, following hot and dry weather conditions, easing concerns over crop output.

Wheat slid more than 1%, after rallying on Tuesday to a five-month high following Russia's attacks on Ukrainian ports and grain infrastructure that raised concerns about global supplies.

FUNDAMENTALS
The most-active corn contract on the Chicago Board of Trade CV1 (CBOT) gave up 1% to $5.59-3/4 a bushel, as of 0018 GMT, and soybeans Sv1 dropped 0.6% to $14.11-1/2 a bushel.

Wheat Wv1 lost 1.5% to $7.49-1/4 a bushel after climbing to its highest since Feb. 21 at $7.77-1/4 a bushel in the last session.

Forecasts of crop-friendly rains in the U.S. Midwest weighed on corn and soybean futures.

Traders continue to monitor crop weather in the U.S. Midwest as the region's corn finishes pollinating, a key growth stage in determining yields, while soybeans approach their pod-setting phase in August.

Wheat prices rallied earlier this week after Russia destroyed Ukrainian grain warehouses on the Danube River in a drone attack, targeting a vital export route for Kyiv in an expanding air campaign that Moscow began last week after quitting the Black Sea grain deal.

The International Monetary Fund estimated that Russia's exit from a deal allowing Ukrainian exports via the Black Sea could drive global grain prices up by 10-15%, but said it was continuing to assess the situation.

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

MARKET NEWS
Global equity markets and U.S. Treasury yields rose on Tuesday ahead of the Federal Reserve's expected interest rate hike and as markets awaited a stream of quarterly results from corporate heavyweights.
By: via Malaysian Palm Oil Council Russia