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Grains-wheat steady after ample supplies forecast, soybeans down

Reuters, 15.06.20

* U.S. forecasts all-time high global wheat inventories
* Soybeans dip after 3 days of gains on strong Chinese demand (Updates prices, adds details, changes dateline)

SINGAPORE/PARIS, June 15 (Reuters) - Chicago wheat futures traded sideways on Monday, still pressured by abundant supplies forecast in a U.S. government report last week while soybeans declined after closing higher in the last three sessions on the back of strong Chinese demand.

"Last week, the USDA report revised upward the world wheat production and projected ending stocks for next year, putting some pressure on prices.

However, higher supplies were mainly concentrated outside the 8 major exporting countries provoking traders' hesitation," French consultancy Agritel said.

The most-active wheat contract on the Chicago Board Of Trade (CBOT) was almost unchanged by 1016 GMT, down 0.05% at $5.01-3/4 a bushel. Soybeans slid 0.5% to $8.67 a bushel and corn lost 0.4% to $3.28-3/4 a bushel.

The USDA raised world ending stocks to a record high 316.1 million tonnes.

Leading Russian consultancies revised forecasts for this year's Russian wheat harvest, tempering concerns about the effects of a dry spring.

Consultancy IKAR has raised its estimate for Russia's 2020/21 wheat exports by 1 million tonnes to 35 million tonnes after it upgraded its crop estimate, it said on Thursday.

In Ukraine, the other major grain producer in the Black Sea region, wheat export prices have risen by up to $7 a tonne over the past two weeks because of expected decreases in the 2020/21 harvest in Ukraine and other exporting countries.

China has stepped up purchases of U.S. soybeans in recent weeks, supporting prices.

U.S. soybean crushings likely edged up slightly in May despite narrowing processor margins as export demand for soymeal remained strong, according to analysts polled ahead of a monthly National Oilseed Processors Association report due on Monday.

Prices at 1216 GMT Last Change Pct End Ytd Move 2019 Pct Move CBOT wheat 501.75 -0.25 -0.05 558.75 -10.20 CBOT corn 328.75 -1.25 -0.38 387.75 -15.22 CBOT soy 867.00 -4.25 -0.49 955.50 -9.26 Paris wheat December 185.00 -0.75 -0.40 188.25 -1.73 Paris maize Jun 165.75 -1.00 -0.60 168.50 -1.63 Paris rape Aug 376.50 -1.25 -0.33 387.25 -2.78 WTI crude oil 35.71 -0.55 -1.52 61.06 -41.52 Euro/dlr 1.13 0.00 0.04 1.1210 0.43 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne.

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