Wheat extends gains to second day, Omicron and supply outlook cap gains

CANBERRA, Dec 2 (Reuters) - U.S. wheat futures edged higher for a second consecutive session on Thursday, although concerns about the Omicron coronavirus variant and expectations of ample global supplies capped gains.


* The most-active wheat futures on the Chicago Board Of Trade Wv1 were up 0.2% at $7.92 a bushel by 0238 GMT, after closing up 0.4% on Wednesday.

* The most-active soybean futures Sv1 were down 0.3% at $12.24-3/4 a bushel, after ending 0.9% higher on Wednesday.

* The most-active corn futures Cv1 were down 0.3% at $5.70-1/2 a bushel, having closed up 0.7% in the previous session.

* Wheat markets have soared in recent weeks as the possibility of more Russian export restrictions and the risk of rain damage to Australia's crop fanned fears of tight milling wheat supplies.

* However, global supply worries have eased in recent days on signs of a stabilizing U.S. crop, and Australia's chief commodity forecaster, ABARES, revising its official estimate for the 2021/22 crop to a record 34.4 million tonnes.


* The safe-haven yen hovered near a seven-week high on Thursday while the rand and riskier currencies languished as the Omicron coronavirus variant established itself as the dominant strain in South Africa and continued to spread globally.

* Oil prices rose on Thursday, reversing the previous day's losses, on expectations OPEC+ may pause supply additions amid growing concern the spread of the Omicron coronavirus variant could weigh on the global economy and fuel demand.

* Asian shares edged higher in choppy trading on Thursday, helped by advances in Chinese real estate shares, though fears about the Omicron variant of the new coronavirus capped gains regionally.

Reporting by Colin Packham; Editing by Devika Syamnath

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