GRAINS-Wheat extends gains on Russian supply concerns; soybeans ease

SINGAPORE, Sept 7 (Reuters) - Chicago wheat futures gained more ground on Tuesday with prices climbing to a near one-week high on concerns over supplies from top exporter Russia.

Soybeans eased, while corn ticked higher.


* The Chicago Board of Trade (CBOT) most-active wheat contract was up 0.3% at $7.28-3/4 a bushel, as of 0030 GMT, after hitting its highest since Sept. 1 at $7.29 a bushel earlier in the session.

* Soybeans lost 0.2% to 12.89-1/2 a bushel and corn edged up 0.1% to $5.25-1/4 a bushel.

* Russian wheat export prices rose for the eighth consecutive week due to higher export tax, high domestic demand, lower 2021 crop output and a stronger rouble, analysts said on Monday.

* Still, expectations of higher production in Australia, typically the world’s fourth-largest exporter, limited gains.

* Australian farmers are on course to harvest a near record amount of wheat this season, the country’s chief commodity forecaster said on Tuesday, as it lifted its production forecast by more than 17% following recent favourable weather.

* The Australian Bureau of Agricultural and Resource Economics and Sciences said it now expects production during the season ending June 30, 2022 to total 32.63 million tonnes, up from its June estimate of 27.8 million tonnes.

* Brazil’s 2020/21 total corn crop is now expected to reach 81.9 million tonnes, more than 20 million tonnes below last year’s harvest, agriculture consultancy AgRural said on Monday, due to unfavourable weather conditions.

* AgRural had previously estimated the corn crop to reach 82.2 million tonnes, versus 102.6 millions tonnes in 2019/20, following damages from drought and frosts.

* Large speculators cut their net long positions in CBOT corn futures in the week ended Aug. 31, regulatory data released on Friday showed.

* The Commodity Futures Trading Commission’s weekly commitments of traders report also showed that non-commercial traders, a category that includes hedge funds, trimmed their net short position in CBOT wheat and cut their net long position in soybeans.


* Global shares posted their longest winning streak in three months on Monday, aided by hopes U.S. interest rates would stay low for longer and talk of more stimulus in Japan and China.

DATA/EVENTS (GMT) 0430 Australia RBA Cash Sate Sept 0600 Germany Industrial Output MM July 0600 UK Halifax House Prices MM Aug 0645 France Reserve Assets Total Aug 0900 Germany ZEW Economic Sentiment Sept 0900 Germany ZEW Current Conditions Sept 0900 EU GDP Revised QQ, YY Q2 n/a China Exports, Imports Aug n/a China Trade Balance Aug (Reporting by Naveen Thukral, Editing by Sherry Jacob-Phillips)