Wheat firms on strong demand; soybeans, corn extend gains
SINGAPORE, July 17 (Reuters) -Chicago wheat rose for the first time in four sessions on Wednesday, underpinned by strong global demand, although ample world supplies are likely to limit the upside potential in prices.
Soybeans and corn futures gained more ground on bargain-buying.
FUNDAMENTALS
* The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 rose 0.2% to $5.32 a bushel, as of 0009 GMT. Soybeans Sv1 added 0.2% to $10.45-1/4 a bushel and corn Cv1 gained 0.2% at $4.09-3/4 a bushel.
* Strong global demand is supporting wheat prices. Egypt made hefty purchases of Black Sea wheat amid lower Russian prices.
* Asian wheat buyers have stepped up purchases in recent weeks, taking cargoes from the Black Sea region as they returned to the market after a long gap, drawn by a fall in global prices to their lowest in four months.
* The corn market was underpinned by drought hitting production prospects in Ukraine.
* Ukraine's harvest of late crops may decline by 20-30% in central, southern and eastern regions due to extreme heat, state weather forecasters said on Tuesday.
* Commodity funds were net buyers of CBOT corn, soybeans, soymeal and soyoil futures contracts on Tuesday, and net even on wheat futures contracts, traders said. COMFUND/CBT
MARKET NEWS
* World stock indexes mostly rose and the U.S. dollar gained against the yen on Tuesday after solid U.S. retail sales data was taken as supporting prospects the Federal Reserve will ease rates to rein in inflation while aiming to avoid a recession. MKTS/GLOB
DATA/EVENTS (GMT)
0600 UK Core CPI YY June
0600 UK CPI YY June
0600 UK CPI Services MM June
0900 EU HICP Final MM, YY June
1230 US Housing Starts Number June
1315 US Industrial Production MM June
1800 US Federal Reserve issues the Beige Book
of economic condition
Reporting by Naveen Thukral; Editing by Rashmi Aich
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