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GRAINS-Wheat, corn ease after rally, Black Sea supply woes limit decline

SINGAPORE, Feb 14 (Reuters) - Chicago wheat and corn futures slid for the first time in three sessions on Tuesday, although concerns over supplies from the Black Sea region provided a floor under the market.

Soybeans were largely unchanged, supported by dryness curbing output in key supplier Argentina.

FUNDAMENTALS
The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 fell 0.2% to $7.90-1/2 a bushel, as of 0113 GMT, and corn Cv1 gave up 0.1% to $6.84-1/2 a bushel. Soybeans Sv1 were down half a cent at $15.42-1/4 a bushel.

Corn and wheat futures have climbed in recent sessions as concerns intensified that fighting in Ukraine could threaten the agreement for the shipping channel for Ukraine's grain exports, which expires in March.

Russia said on Monday it would be "inappropriate" to extend the Black Sea grain deal unless sanctions affecting its agricultural exports were lifted and other issues were resolved.

Ukraine's grain exports in the 2022/23 season, which runs through to June, are down 28.7% at 29.2 million tonnes so far, due to a smaller harvest and logistical difficulties caused by the Russian invasion, agriculture ministry data showed on Monday.

Central-eastern Argentina, the country's farming heartland, received between 5 and 25 millimetres of rainfall on Monday. But given the country's persistent drought on top of high temperatures last week, the benefits will be short-lived, meteorologists said.

The U.S. soybean crush in January likely increased versus December but declined a bit from the same month a year ago, analysts said, ahead of a monthly National Oilseed Processors Association (NOPA) report due on Wednesday.

NOPA members, which handle about 95% of all soybeans processed in the United States, were estimated to have crushed 181.656 million bushels last month, according to the average of estimates from nine analysts.

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

MARKET NEWS
Wall Street equity indexes closed up more than 1% on Monday and U.S. Treasury yields slipped as investors bet that key U.S. economic data due out on Tuesday would show inflation is easing.
By: via Malaysian Palm Oil Council Russia