Wheat falls on better supply outlook; soy, corn edge higher
SINGAPORE, Nov 27 (Reuters) -Chicago wheat futures slid on Wednesday, giving up gains from the previous session, as ample supplies from freshly harvested crops in the southern hemisphere added pressure on prices.
Soybeans edged higher, although expectations of large output in Brazil limited the upside in prices. Corn prices also firmed.
FUNDAMENTALS
* The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was down 0.7% at $5.54-1/4 a bushel, as of 0158 GMT. Soybeans Sv1 added 0.1% to $9.84-3/4 a bushel and corn Cv1 also edged 0.1% higher to $4.28-1/4 a bushel.
* Expectations of bumper output from ongoing harvest in Australia continued to provide headwinds to prices.
* U.S. winter wheat crop conditions improved for a fourth straight week following timely rainfall across the Plains this month, according to a U.S. Department of Agriculture report late on Monday.
* Ukraine's weather in November was generally favourable for the development of winter grain crops, although some of the seedlings are still underdeveloped due to the long drought earlier in the year, analyst APK-Inform quoted state weather forecasters as saying on Tuesday.
* In European Union, soft wheat exports since the start of the 2024/25 season in July had reached 9.15 million metric tons by Nov. 24, down 30% from 13.08 million tons a year earlier, data published by the European Commission showed on Tuesday.
* Exporters have shipped soybeans from the busiest U.S. grains port at the fastest rate in nearly four years after rain raised water levels in the Mississippi River, according to government data.
* Some 60% of U.S. soy exports depart from Gulf Coast terminals that draw supplies from barges travelling south on the Mississippi, the country's most important grain waterway.
* Commodity funds were net buyers of CBOT soyoil and wheat futures contracts on Tuesday, traders said. Funds were net sellers of corn, soymeal and soybean futures contracts. COMFUND/CBT
MARKET NEWS
* The dollar rose against some currencies on Tuesday after U.S. President-elect Donald Trump pledged to impose new tariffs on imports from Canada, Mexico and China, while MSCI's global equity index was higher after the release of the Federal Reserve's latest meeting minutes. MKTS/GLOB
DATA/EVENTS (GMT)
1330 US Durable Goods Oct
1330 US GDP 2nd Estimate Q3
1330 US Initial Jobless Clm Weekly
1500 US Consumption, Adjusted MM Oct
1500 US Core PCE Price Index MM, YY Oct
1500 US PCE Price Index MM, YY Oct
Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips
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