U.S. grains fall on hopes stuck supply from Black Sea could start moving



MUMBAI, May 26 (Reuters) - U.S. corn and wheat futures fell in early trade on Thursday on hopes that stuck grain supplies from the Black Sea region could start moving, while soybean eased on concerns over demand from top consumer China.

* The most-active corn contract on the Chicago Board of Trade (CBOT) Cv1 fell 1.72% to $7.59 a bushel as of 0203 GMT.

* Wheat Wv1 was down 2.55% at $11.19 a bushel and soybeans Sv1 edged 0.76% lower to $16.68-1/4 a bushel.

FUNDAMENTALS

* Russia is ready to set up a humanitarian corridor for vessels carrying food to leave Ukraine in return for the lifting of some sanctions, the Interfax news agency cited Russian Deputy Foreign Minister Andrei Rudenko as saying.

* Ukraine is a leading producer of corn and wheat, and last season's harvest is stuck in the country following Russia's invasion of Ukraine.

* China's customs authority signed an agreement with Brazil to allow imports of Brazilian corn, posing a possible threat to U.S. exports.

* Plunging demand for soyoil in China is expected to cut consumption of the oilseed in the world's biggest user as lockdowns to prevent the spread of COVID have shuttered restaurants and canteens, according to traders and analysts.

* India's palm oil imports could drop by nearly a fifth as now cheaper soyoil takes more market share, following Indonesia's curbs on palm oil exports and New Delhi allowing duty-free imports of soyoil, dealers said.

MARKET NEWS

* Oil prices rose on Thursday, extending a cautious rally this week on signs of tight supply while the European Union (EU) wrangles with Hungary over plans to ban imports from Russia, the world's second-largest crude exporter, after it invaded Ukraine.

DATA/EVENTS (GMT)

0130

Australia

Capital Expenditure Q1

1230

US

GDP 2nd Estimate

Q1

1230

US

Initial Jobless Clm weekly

1230

US

Retail Sales MM

Mar
Reporting by Rajendra Jadhav; Editing by Rashmi Aich

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