US wheat, corn futures retreat, soybean gains extended

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US wheat futures fell after two sessions of gains in Asian trading early Wednesday, but soybeans reached a two-week high, while corn was on its way to a second session of fall.


* The most active wheat contract on the Chicago Board of Trade (CBOT) was down 7 12.56 per bushel, down 1.7% at 0123 GMT.

* CBOT wheat has risen more than 8% in the last two days after India unexpectedly banned grain exports and the US Department of Agriculture reported late Monday indicating poor winter crop conditions.

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* CBOT soybeans rose 0.1% to .7 16.79 a bushel, boosting profit in the seventh session.

* CBOT corn fell 0.3% to 9 7.98-1 / 2 per bushel, retreating after touching a two-week high on Monday.

* About 300,000 tonnes of Ukrainian wheat, booked by Egyptian state grain buyers for delivery in February and March, have not yet been shipped, with cargo stuck at one port and four still to be loaded, four traders said.

* India will allow foreign wheat shipments pending customs clearance, the government said on Tuesday, introducing some opportunities for foreign sales after the main export ban on Saturday.

* Ukraine is making progress in developing grain exports to land in the European Union, but will need to restore sea access blocked by Russia’s invasion to avoid a growing crisis for food-importing countries, its deputy economy minister said on Tuesday.

* On the first day of Kansas’ annual three-day tour, crop scouts estimated the average yield of hard red winter wheat in the northern part of the drought-stricken state at 39.5 bushels per acre, down from 59.2 bushels in 2021.

Data / Events (GMT)

0130 Australia Wage Price Index Q1

0600 UK CPI YY April

0900 EU HICP Final April

1230 U.S. Housing Start Number April

(Reporting by Enrico della Cruz in Manila; Editing by Rashmi Ich)

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