Soybeans recover from deep losses, but record Brazilian crop limits gains
SINGAPORE, March 23 (Reuters) -Chicago soybeans edged higher on Thursday after two sessions of deep losses, although an upgraded forecast for Brazil's all-time-high crop capped further gains.
Wheat rose for the first time in four sessions while corn also edged higher.
FUNDAMENTALS
* The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was up 0.1% at $14.49-3/4 a bushel, as of 0008 GMT. Corn CV1 edged 0.1% higher at $6.34-1/4 a bushel and wheat Wv1 gained quarter of a cent at $6.63-3/4 a bushel.
* Brazil's soybean output and exports in 2023 will be higher than expected, Brazilian oilseed lobby Abiove said on Wednesday, as local farmers harvest a bumper crop, Chinese demand remains strong and Argentine growers grapple with weather issues.
* Abiove now estimates Brazil's soy production at a record 153.6 million tonnes, 1 million more than the last projection in January.
* Private exporters earlier reported the sale of 178,000 tonnes of corn to China, the U.S. Department of Agriculture said.
* Traders were watching for the USDA's weekly report on net export sales of U.S. grains and soy, due on Thursday.
* Prices of agricultural products are also being weighed down by timely rains in France and elsewhere in western Europe, which eased concerns over dry conditions for their wheat crops.
* Ukraine's grain exports for the 2022/23 season, however, totalled 36.3 million tonnes, as of March 22, hit by a smaller harvest and logistical difficulties caused by Russia's invasion, agriculture ministry data showed on Wednesday.
* The ministry gave no comparative data for the same date in 2022. It said Ukraine had exported 44.8 million tonnes of grain as of March 27, 2022.
* Commodity funds were net sellers of CBOT corn, soybean, wheat, soymeal and soyoil futures contracts on Wednesday, traders said. COMFUND/CBT
MARKET NEWS
U.S. stocks fell from near two-week highs on Wednesday after Federal Reserve Chair Jerome Powell re-stated his commitment to curb inflation even as the Fed signaled it might soon pause future interest rate hikes amid recent turmoil in financial markets. MKTS/GLOB
DATA/EVENTS (GMT)
1200 UK BOE Bank Rate March
1230 US Initial Jobless Clm Weekly
1400 US New Home Sales-Units Feb
1500 EU Consumer Confid, Flash March
Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips
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