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Wheat eases after rally, Russian supply woes limit decline



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SINGAPORE, March 30 (Reuters) -Chicago wheat slid for the first time in five sessions on Thursday, although losses were limited by concerns over supplies from Russia as global grain trader Cargill said it would no longer handle the country's grain at its export terminal.

Soybeans and corn lost ground.


FUNDAMENTALS

* The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 fell 0.4% to $7.01-3/4 a bushel, as of 0048 GMT. Soybeans Sv1 lost 0.1% to $14.75-1/4 a bushel and corn Cv1 fell 0.2% to $6.49-1/4 a bushel.

* Cargill Inc said on Wednesday it would take a further step back from the Russian market by no longer handling the top wheat supplier's grain at its export terminal from July, although its shipping unit will continue to carry grain from the country's ports.

* Russian exports could also be hampered if Moscow was to recommend a temporary halt in wheat and sunflower exports, as reported last week by Russian business newspaper Vedomosti.

* Sources later told Reuters that Russia had no plans to halt wheat exports but wanted exporters to ensure prices paid to farmers were high enough to cover average production costs.

* However, Ukraine's grain exports have reached 5.1 million tonnes so far in March compared to 1.4 million tonnes in March 2022, the agriculture ministry data showed on Wednesday.

* Brazil is poised to supply up to half of the soybeans that Argentina will import after the worst drought in 100 years devastated its fields and cut 2023 output nearly in half, analysts said.

* Argentina, which is expected to reap round 25 million tonnes this season, may have to import up to 10 million tonnes of soy, more than double than in previous years, mainly from Paraguay and Brazil, they said.

* Commodity funds were net buyers of CBOT corn, soybean, wheat and soyoil futures contracts on Wednesday, and net sellers of soymeal, traders said. COMFUND/CBT


MARKET NEWS

* Global stocks surged on Wednesday as markets took heart from greater stability in the banking sector, but most Treasury yields edged higher as uncertainty lingered and bond investors gauged the impact of rising rates on economic growth. MKTS/GLOB


DATA/EVENTS (GMT)

0900 EU Consumer Confid. Final March

1200 Germany CPI Prelim YY March

1200 Germany HICP Prelim YY March

1230 US GDP Final Q4

1230 US Initial Jobless Clm Weekly



Reporting by Naveen Thukral; editing by Uttaresh Venkateshwaran

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