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GRAINS-U.S. wheat tumbles from record high, soy edges up

BEIJING, March 9 (Reuters) - Chicago wheat futures fell in early trade on Wednesday, slipping as much as 4% from a record high hit in its previous trading session.

Corn futures also fell, while soybeans rose as much as 1%.

FUNDAMENTALS

* The most-active wheat contract on the Chicago Board of Trade (CBOT) was down 3.9% at $12.36 a bushel, as of 0135 GMT.

* Corn also declined 0.4% to $7.50 a bushel, while soybeans rose 1% to $17.06 a bushel.

* Euronext wheat fell sharply on Tuesday as futures pulled back from record highs caused by supply concerns over Russia’s invasion of fellow grain exporter Ukraine. Russia and Ukraine account for about 29% of global wheat exports.

* Algeria’s state grains agency is believed to have extended Tuesday’s international tender to purchase milling wheat by a day, with negotiations expected to continue on Wednesday, European traders said.

* Farmers in Argentina have sold 16.6 million tonnes of corn during the 2021/22 season as of March 2, the Ministry of Agriculture said on Tuesday.

* Commodity funds were net buyers of Chicago Board of Trade soybean, soymeal, soyoil and corn futures contracts on Tuesday, traders said. They were net sellers of CBOT wheat.

MARKET NEWS

* The euro took a breather on Wednesday ahead of this week’s central bank meeting, while commodity currencies eased from recent peaks as investors reckoned war-driven surges in energy, grains and metals could end up crimping demand in the long run.

Reporting by Emily Chow

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