Chicago grains drift after multi-week highs
Futures consolidate after rally to multi-week highs
Investors await Fed interest rate decision
Poor conditions in Argentina, U.S. Plains underpin prices
Updates with European trading, changes byline/dateline
By Matthew Chye
PARIS/SINGAPORE, Feb 1 (Reuters) -Chicago soybean inched up while corn and wheat futures ticked lower on Wednesday, consolidating below multi-week peaks as participants awaited a U.S. interest rate decision and fresh indications of grain export demand.
Poor growing conditions for Argentine corn and soybeans, as well as some U.S. winter wheat, were helping underpin the markets, though the prospect of a record Brazilian soy harvest and competition from Black Sea cereals were capping prices, analysts said.
The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was up 0.1% at $15.39-1/2 a bushel by 1150 GMT.
CBOT wheat Wv1 was down 0..2% at $7.60 a bushel, while corn Cv1 eased 0.4% to $6.76-3/4 a bushel.
On Tuesday, the soybean and corn contracts had reached their highest in almost two weeks while wheat touched a near four-week peak.
Investors are hoping the U.S. Federal Reserve will signal later on Wednesday an end to its cycle of interest rate hikes as some data suggests easing inflation and wage growth. MKTS/GLOB
The Fed's policy announcement, along with U.S. jobs data and other central bank meetings later this week, has added to caution in financial markets as investors also make turn of the month adjustments.
The U.S. Department of Agriculture's (USDA) attache in Buenos Aires cut its 2022/23 soy crop forecast for Argentina to 36 million tonnes, 9.5 million the USDA's current official estimate.
Traders are uncertain if rain forecast for Argentina next week will be enough to avoid stressful conditions for crops, commodities research firm Hightower said in a note.
Grain markets are watching to see if Chinese demand will pick up after last week's Lunar New Year holiday.
Tenders called by Egypt for corn and wheat were also in focus.
U.S. corn was offered the cheapest on a free-on-board (FOB) basis in Egypt's corn tender being held on Wednesday, according to traders. The wheat tender takes place on Thursday.
Reporting by Gus Trompiz in Paris and Matthew Chye in Singapore; Editing by Subhranshu Sahu
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