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GRAINS-Wheat loses ground as Black Sea supplies outweigh demand

CANBERRA, Sept 21 (Reuters) - Chicago wheat prices fell on Thursday, as plentiful supplies from the Black Sea region outweighed signs of renewed demand from large importers.

Corn and soybeans also edged lower as the U.S. harvest ramped up, adding to supply and keeping a lid on prices.

FUNDAMENTALS
Most-active Chicago Board of Trade (CBOT) wheat futures Wv1 were down 0.3% at $5.87 a bushel by 0117 GMT. CBOT corn Cv1 slipped 0.1% to $4.82 a bushel and soybeans Sv1 fell 0.3% to $13.16-1/2 a bushel.

Several wheat purchases were reported on Wednesday.
Egypt's state grains buyer booked 120,000 metric tons of Romanian wheat in an international purchase tender. Traders said the cargoes were priced at roughly $256 per ton FOB, excluding freight.

Algeria's state grains agency OAIC purchased around 600,000 metric tons of milling wheat in an international tender which closed on Tuesday, European traders said.

A group of South Korean flour mills bought an estimated 50,000 metric tons of milling wheat to be sourced from Australia in an international tender, European traders said.

Analysts polled by Reuters estimate that the U.S. Department of Agriculture (USDA) on Thursday will report U.S. wheat export sales for the week ended Sept. 14 at 250,000 to 600,000 tons.

On the supply side, cheap Russian wheat is still flowing into the market, with traders noting numerous offers at $270 a ton FOB.

Russia's SovEcon agriculture consultancy lowered its wheat harvest forecast for 2023 to 91.6 million tons from 92.1 million, still a bumper crop.

The Russian agriculture ministry was quoted as saying Russia would be able to export 60 million tonnes of grains in the 2023/2024 season.

Ukraine's river and maritime agricultural exports meanwhile totalled 2.2 million metric tons in Sept. 1-19 and could reach a record 3 million tons for the whole month, brokers said.

Ukraine's trade representative said he believed compromise was possible in a trade dispute with some nearby countries that have banned Ukrainian grain imports.

Chicago wheat futures fell to a 33-month low of $5.70 a bushel last week due to a supply glut.

In soybeans, the U.S. Department of Agriculture confirmed sales of 120,000 tonnes of U.S. beans to unknown buyers for delivery in 2023/24.

However, competition from Brazil has dented demand for U.S. soy. Chinese data showed that soybean imports from Brazil rose 45% year-on-year in August.

Analysts estimate that the USDA will report U.S. soybean sales in the week ended Sept. 14 at 550,000 to 1,200,000 tons and corn sales in the week ended Sept. 14 at 550,000 to 1,100,000 tons.

Expectations that Brazil could see a smaller corn harvest in the coming year lifted corn prices from a 33-month low of $4.68 a bushel on Tuesday.

MARKETS NEWS
A gauge of global stocks tumbled and Treasury yields shot up on Wednesday after the U.S. Federal Reserve projected another rate hike by year end and much tighter monetary policy through 2024 than previously expected.
By: via Malaysian Palm Oil Council Russia